Minister of Investment and Foreign Trade Hassan El Khatib held intensive meetings with senior German officials, business groups and company representatives.
During his visit, Khatib met Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action Robert Habeck.
The meeting explored ways to boost economic relations across various sectors and levels. The minister highlighted recent reform measures implemented by the Egyptian government, which have yielded positive results aimed at improving Egypt’s business environment, supporting foreign investments, and addressing challenges faced by investors.
Habeck commended the Egyptian government’s vision and efforts to enhance the business environment, expressing Germany’s keenness to bolster economic cooperation with Egypt in the upcoming phase.
Both parties agreed to convene the Joint Economic Committee in Cairo on February 18-19, with the participation of a delegation of German business leaders.
Additionally, Khatib met with officials of German companies specialized in fiber production and bicycle manufacturing.
He emphasized the ministry’s commitment to providing comprehensive support to German companies to invest and expand in the Egyptian market.
Khatib highlighted Egypt’s competitive advantages, including a skilled workforce, competitive wages, availability of industrial land, strategic geographic location, and preferential trade agreements that grant Egyptian products duty-free access to numerous international markets.
The minister also met representatives of Belchem, a German company specialized in fire-resistant fibers used in automotive, aerospace, and gas appliance industries.
Discussions included plans to establish an integrated production plant in Egypt, covering all stages from glass production to finished fire-resistant fibers. The first phase of the project, with an investment of €30 million, would span 100,000 square meters. A company delegation will visit Egypt to advance the project.
In another meeting, the minister engaged with representatives from Cube Bikes that plans to set up a facility in Egypt to produce plastic-reinforced carbon parts for export to its European factories as production inputs.
The initial phase of the project aims to produce 300,000 units annually, with exports worth approximately €10 million and investments exceeding €5 million.
Cube is also exploring the possibility of establishing a complete bicycle manufacturing plant in Egypt.
The company has scheduled a second visit to Egypt to secure a 40,000-square-meter plot in the 10th of Ramadan City.
The German Industry Federation hosted a business dinner in honor of Khatib, attended by representatives from 22 companies.
During the event, the minister outlined Egypt’s corrective measures to address challenges facing foreign investors, particularly customs clearance, financial and monetary reforms, and tax policies.
He also highlighted the incentives offered to foreign investors and the opportunities arising from Egypt’s trade agreements with global blocs. Several companies expressed interest in investing in Egypt, especially in infrastructure, renewable energy, and ICT domains.
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