The Egyptian Trade and Industry Ministry is keen on benefiting from advanced German technologies in a bid to enhance the national industry and promote partnership between the two countries’ private sector, affirmed Minister Ahmed Samir.
The minister’s remarks came during his meeting on Thursday with German Ambassador to Egypt Frank Hartmann.
During the meeting, the two sides underlined the need of rallying efforts to further enhance economic ties and to contribute to withstand the negative ramifications of the global financial crisis.
The meeting also tackled a host of issues and files of mutual interest, the ministry said in a statement on Thursday.
For his part, the industry minister said that the meeting reviewed the German investments in Egypt, as well as the government’s efforts to provide all the necessary support to such projects.
Trade ties between Cairo and Berlin witnessed a remarkable development, said the minister, noting that the volume of trade exchange between the two countries hit about 5.1 billion euros last year.
Germany ranked ninth in the list of the top countries investing in Egypt, with total investments worth $2.9 billion, he added.
The minister further said that Germany is implementing in Egypt as many as 1,382 projects in spheres of industry, services, tourism, construction, agriculture, finance, and communications and IT.
The minister, meanwhile, said that the meeting reviewed the law of establishing the Supreme Council for the Automotive Industry, which was approved by the House of Representatives.
The law primarily aims to encourage localising the automotive industry and to provide financing and incentives to investors who target the local assembly, the minister went on to explain.
For his part, the German ambassador said that he is keen on further promoting ties with Egypt in the various spheres within the upcoming stage.
He further said that a high-level German delegation will take part in the UN Climate Change Conference COP27, which will be held in Sharmel-Sheikh on November 6.
The German ambassador further said that the agreement reached between Egypt and the International Monetary Fund (IMF) will undoubtedly contribute to enhancing volume of trade exchange between the two countries.
He also stressed the need of holding an expanded meeting with the German car manufacturers to brief them on the national strategy for developing the automotive industry.
