Egyptian Minister of Trade and Industry, Ahmed Samir, seeks with a member of the Parliamentary Committee for Foreign Affairs in the German Parliament, Alexander Radwan, to discuss ways to enhance economic cooperation between the two countries. The meeting was also aimed at attracting more German investments in the automobile industry.
According to the reports, Member of German Parliament Alexander Radwan noted, “The Egyptian market represents an important target for German investments in the Middle East region and the African continent.”
On his part, Ahmed Samir, Minister of Trade and Industry, Mr Alexander Radwan, emphasized discussing ways to enhance economic cooperation between the two countries in the fields of trade, industry and investment, developments in the global economic situation were reviewed and a number of files of mutual interest.
In addition, Ambassador Frank Hartman attended the meeting. Ambassador of Germany in Cairo and the Minister Commercial Commissioner / Yahya Al-Watheq Balah, Head of Commercial Representation.
The minister said the meeting reviewed developments in the economic situation in Egypt over the past period, especially in the light of the economic fallout caused by the Russian-Ukraine crisis and the government’s efforts to overcome challenges facing investors.
“A comprehensive strategy is currently being prepared for the development of the Egyptian industry in cooperation with the World Bank. The strategy consists of two phases, the first stage is deepening domestic industry, and the second focusing on and developing industrial sectors,” the Minister of Trade explained.
He further pointed out that the strategy aims to make the optimal use of the free trade agreements between Egypt and different countries of the world to increase exports, sharpen Egyptian labour skills and make the most of the mineral resources available in the Egyptian lands, noting that the strategy will be guided by the experiences of leading industrial states.
It was noted that “Egypt is paying keen attention to the advancement of the automobile industry, which was evident in the launch of the Automobile Industry Strategy and the National Automotive Development Program, which represents a unique opportunity for German companies working in the Egyptian market in the field of the automobile industry.”
On his part, Mr Alexander Radwan, a member of the German Parliament and a member of the Parliamentary Committee for Foreign Affairs, confirmed that Egypt is one of the candidates to receive European investments, especially from Germany, given its location as a gateway to the African continent.
Especially that European markets have been looking for alternative markets since the outbreak of the Russian-Ukraine crisis, citing that the northern countries of Africa, including Egypt, are gaining special importance to enjoy the many renewable energy sources that represent an important solution to the current energy crisis in Europe.
In the end, German Ambassador Alexander Radwan invited Ahmed Samir, Minister of Trade and Industry, to visit Germany to hold meetings with the German business community and to review possible trade and investment opportunities in the Egyptian market, which contributes to the activation of economic relations between the two countries during the next phase.
