CAIRO – Head of the Egyptian Commercial Service Yahia El Wathik Bellah said that trade exchange between Egypt and Germany increased from 5.5 to 6.8 billion euros with an increase of 23.6 percent.
El Wathik Bellah gave the remarks during his participation in the business opportunities forum for German companies operating in Egypt.
He said relations between Egypt and Germany are experiencing unprecedented boom that is clearly manifested in exchange of intensive visits between high-level delegations and strong discussions aiming at enhancing economic ties.
He said the number of German companies operating in Egypt increased to 1,444 with a total investments of 3 billion dollars in different sectors.
He noted that the German capital influx to the Egyptian market does not only boosts economic activities but also contributes to transferring technology, which creates a strong foundation for sustainable development.
He referred to the big progress in Egyptian-German relations with a special emphasis on renewable energy projects, green hydrogen and mitigating effects if carbon emissions.
