German investments in Egypt: distinguished European partnership

Shaimaa Al-Aees
2 Min Read
German Chancellor Angela Merkel and Egypt's President Abdel Fattah Al-Sisi shake hands following a news conference at the Chancellery in Berlin, Germany June 3, 2015. REUTERS/Fabrizio Bensch

Germany and Egypt have extensive economic and trade ties, with bilateral trade amounting to nearly €6bn. Together with the World Bank, the African Development Bank, the United States, France, the European Union and Japan, Germany is Egypt’s most important partner in development policy cooperation.

The volume of trade exchange between Egypt and Germany reached €5.814bn last year, compared to €5.568bn in 2016, an increase of 5%, which makes Egypt Germany’s third largest trading partner in the Middle East, according to Egyptian Trade and Industry Minister Amr Nassar.

Nassar pointed out that German investments in Egypt currently amount to $641m, employed in 1,080 projects in the fields of industry, services, agriculture, construction, communications, information technology, and finance.

Meanwhile, total Egyptian investments in Germany amounted to $35.5m in the fields of finance, medicine, furniture, appliances, medical supplies, tourism, and trade.

Egyptian exports to the German market increased by 9.5% during the first half (H1)of this year, according to Nassar, recording €717m compared to €654.6m during the same period last year.

While Egyptian imports from Germany recorded a decrease of 44% during H1 of this year, recording a billion and €1.473bn compared to €2.627bn during the same period last year.

Nassar held a session of talks with the Director General of the German Federal Ministry for Economic Cooperation and Development, Claudia Warning, to discuss future joint economic cooperation between the two countries, in the fields of trade, industry, and small and medium-sized enterprises (SMEs).

The Egyptian government pays a great importance to cooperation with the German side in the implementation of advanced vocational training programmes for youth, which contribute to the creation of qualified technical personnel, capable of dealing with the modern technologies of advanced industrial machinery.

Share This Article
Leave a comment