Egypt, Germany, sign joint document to promote economic partnership between two countries

Shaimaa Al-Aees
3 Min Read

Egypt and Germany have signed a joint document to promote an economic partnership between the two countries in the areas of industry and trade policies, investment, energy, environment, transport, infrastructure and tourism.

During 5th Egyptian -German Committee and Economic Forum held in Cairo on Monday by German-Arab Chamber of Industry and Commerce-AHK, Egypt’s Trade and Industry Minister, Amr Nassar, said that this document aims to strengthen cooperation between Egypt and Germany, in the field of the industry, politics, trad,e and investment through the exchange of information related to investment and the legislative framework between the two countries in order to increase German  investments in Egypt and make use of German experiences as well as promote cooperation in the areas of investments in the Suez Canal area, and provide training, career education and competency building of Egyptian youth, in addition to cooperation in the logistics sector such as establishing ports and managing industrial zones.

Over and above, the two sides agreed on cooperating in environmental protection, as well as developing collaboration in the field of transport infrastructure, and to take advantage of the German experience in the field of railway engineering and boosting tourism.

For his part, Egypt’s Minister of Petroleum, Tarek El Molla, said that Egypt represents a success story for German companies in the field of oil and gas, explaining that Egypt and Germany have a substantial partnership in the field of natural gas, referring to adopted Ministry of Petroleum’s new strategy for the development of the oil and gas sector, in order to achieve ideal economic development from all potential and wealth of natural resources the country possesses, and turn Egypt into a regional hub for trading in oil and gas in the region.

The Minister of Investment and International Cooperation, Sahar Nasr, called on German companies to pump more investments into Egypt, pointing out that the value of German investments in Egypt is currently $7.1bn.

Nasr noted that number of German companies in Egypt are about 1,215 including oil, chemicals, automotive, telecommunications, iron and steel, gas and assembling automotive components companies.

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