Prime Minister Mostafa Madbouly met with a German trade and investment delegation that included representatives from 16 German companies to discuss economic cooperation and ways to increase German investments in the Egyptian market.
Madbouly indicated that German investments are one of the largest in the Egyptian market, as there are about 100 German companies working in various sectors in the country, especially technology, smart transportation, and health, asserting their contribution to the transfer of technical expertise.
The PM affirmed that the German delegation’s visit is an opportunity to enhance business prospects with Egypt, reviewing in this regard a number of proposed areas of cooperation that represent a priority for the Egyptian state, including renewable energy, smart transportation, and water desalination.
He also asserted Egypt’s aspiration in expanding smart transportation projects and the localisation of the electric car industry, noting that the cabinet approved a few days ago the national strategy for the development of the automobile industry.
Furthermore, Madbouly referred to the ongoing preparations for Egypt’s presidency of the 27th session of the Conference of Parties to the United Nations Framework Convention on Climate Change (COP 27) — which will be held in Sharm El-Sheikh this November — asserting Egypt’s goal to achieve the transition to a green economy and the preparation of the national strategy for green hydrogen.
For his part, Germany’s Ambassador to Cairo Frank Hartmann asserted that Egypt is a strategic partner for Germany, as bilateral relations between the two countries have developed since 1952, and over the years, Egypt has become one of Germany’s largest economic partners in the region.
Hartmann indicated that this delegation includes the largest German trade and investment companies, which reflects the attractiveness of the Egyptian market.
He added that the delegation includes a diverse number of German companies of different sizes and specialisations, especially in the areas of infrastructure, transportation, medical supplies, information technology, digitisation, and renewable energy.
In the same context, Martin Hernknecht — the Chairperson of NUMOV —expressed his happiness for being in Cairo, pointing out that this visit reflects the distinguished economic relations between the two countries.
Moreover, he expressed his admiration for the size of the Egyptian government’s achievements, praising the establishment of the New Administrative Capital and efforts to transform Sharm El-Sheikh into an eco-friendly city in preparation for its upcoming presidency of the COP 27. He also affirmed NUMOV’s serious desire to enhance economic cooperation with Egypt.
During the meeting, the delegation of German companies gave a presentation on their activities and expressed their serious desire to invest in the Egyptian market, whether through expansions of existing projects or pumping investments in new projects that enhance economic relations, especially in the fields of new and renewable energy, green hydrogen production, and transportation.
Some companies even indicated that they submitted proposals to the relevant ministries to support the Egyptian presidency of the COP 27.