Minister of Trade: We aim to attract German investments in the motor sector, waste management and recycling

Trade and Industry Minister Nevin Gamea said the Egyptian government was paying attention to attracting more German investment to Egypt in the sectors of the automotive, energy, waste management and recycling, and digital transformation sectors, noting that German investment in Egypt amounted to about $ 2.9 billion.

She pointed out the importance of encouraging Egyptian-German joint investment, especially in light of the many opportunities that Egypt and Germany enjoy to develop investment cooperation, as well as the strong political ties that bind the two countries Trade and investment that contribute to the development of economic relations between Egypt and Germany.

Jameh invited companies and businessmen from the two countries to establish partnerships and joint investments to take advantage of the potential of the Egyptian market and the opportunities to launch into the Arab and African markets, especially in light of the major projects which is established in the field of construction. , agriculture, technology and various industrial fields that offer real opportunities for joint investment that achieves mutual benefits, especially in the areas of Railways Iron, automobiles and waste recycling.

She noted Egypt’s efforts to activate the role of various business organizations in the two countries to mobilize energy and capabilities and introduce collaboration opportunities available to the private sector, as it is the locomotive of economic development.

Jameh stressed that the Egyptian-German relations are historical and strategic relations based on successful partnerships between the two countries in various fields and at all levels, and noted that President Abdel Fattah El-Sisi’s first visit to Germany in 2015 the paved the way for the start of a new phase of bilateral cooperation in the economic, development, scientific and cultural fields that expanded to new sectors, including energy, transport, the automotive industry and digital transformation.

This happened during her participation in the 25th Arab-German Economic Forum held by the Arab-German Chamber of Commerce and Industry in the German capital, Berlin, in the presence of dr. Peter Ramsauer, President of the Arab-German Chamber of Commerce and Industry, Ambassador / Abdel Aziz Al-Mikhlafi, Secretary-General of the Chamber, and about 600 German and Arab businessmen.

5.1 billion euros in trade volume between Egypt and Germany over the past year

She stated that Egypt and Germany are celebrating this year the 70th anniversary of the establishment of diplomatic relations between the two countries, which will be accompanied by many visits and the organization of joint events at all levels.

Jameh pointed out that the organization of this forum at the moment and the selection of Egypt as a partner for the work of its current session is a positive step to encourage and build trade and investment cooperation between Egypt and Germany on the momentum evidenced by Egyptian-German relations. contributing to the increase in the volume of trade exchanges between the two countries, which amounted to approximately 5.1 billion euros during 2021, and notes the importance of making more joint efforts to increase the volume of trade exchanges on a way that the respective relations between the two countries.

She added that last month she saw a historic event, represented in the Egyptian government that signed the fast electric train contract with the German company Siemens, which is the largest historical agreement for the German company since its inception, and noted that this network will consist of three main networks. lines with a total length of about 2,000 km with about 60 stations and will connect about 60 stations 60 Egyptian cities to make Egypt the sixth largest high-speed rail network in the world.

Gamea explained that the opportunities that Egypt offers to German companies and investments do not stop at the borders of the Egyptian market, but rather expand their scope to include the markets of all Arab countries, which are among Egypt’s main trading partners, and pointed out that in the light of the partnership agreement between Egypt and the European Union, Egypt represents a leading economic and trade bridge linking the Arab and European markets, and an ideal focal point for German companies seeking to penetrate the Arab world, especially in given the current momentum observed by German-Arab relations, which is expected to increase in the context of the current global challenges, which increase the convergence between Europe and its Arab geographical neighborhood in many areas, in particular infrastructure, co-manufacturing and meeting the needs of German supply chains.

She stressed that the current period is one of the most difficult periods facing the global economic system, due to the unprecedented challenges posed by the Corona pandemic, as well as the negative consequences of the Russo-Ukrainian war, which require more efforts at local and international level to meet these challenges, noting that the Egyptian government has managed to achieve positive growth rates in excess of 6%, and Egyptian exports have recorded the highest value in their history, with a value of $ 32.4 billion during 2021.

She indicated that the Egyptian state had responded to the crisis stemming from the Russo-Ukrainian war and announced a plan to deal with this crisis by strengthening the role of the national private sector in economic activity, and supporting national industries and locating on the local product, together with a clear plan to reduce public debt as a percentage of national income.He has an integrated vision for the promotion of the Egyptian Stock Exchange, the provision of basic commodities at subsidized prices, and the implementation of social protection measures, with reference to the fact that the government has issued a “state ownership policy” document, which aims to define the economic activities in which the state is present in the coming years and to define the activities and sectors identify from which the state intends to leave completely. .

Jameh pointed out that many facilities have also been announced for foreign investors, as the concept of the golden license “one approval” was introduced, in which the investor only needs one approval to set up his project in a number of leading fields and Green hydrogen, and the manufacture of electric vehicles, In addition, the establishment of a unit to solve investors’ problems in the Council of Ministers has been announced, in addition to automating the procedures for issuing industrial licenses and the industrial register.

The forum’s activities were attended by Ambassador Khaled Galal Abdel Hamid, Egypt’s Ambassador to Germany, Minister of Commerce Yahya Al-Wathiq Billah, Head of the Commercial Representation Authority, Dr. Mahmoud Mumtaz, Head of the Competition Protection and Anti-Monopolistic Practices Agency, Hatem Al-Ashry, Adviser to the Minister of Institutional Communications, and Engineer Mohamed Abdel Karim, Executive Director of the Modernization Center. Industry and Minister, Commercial Commissioner Nasser Hamed, Director of Europe’s Department of Commercial Representation, and Minister, Commercial Agent Abdel Aziz Al Sharif, Head of the Egyptian Commercial Office in Berlin.

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