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President Sisi opens German-Egyptian Economic Forum in Berlin, highlighting investment opportunities

The Egyptian head of state is in the German capital for the G20 Africa Partnership conference on 12-13 June

Ahram Online , Monday 12 Jun 2017
President Sisi during a meeting with German Economic Minister Brigitte Zypries on Monday 12 June (Photo: Al-Ahram Arabic website)
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Egypt's President Abdel-Fattah El-Sisi delivered the opening speech at the German-Egyptian Economic Forum in Berlin on Monday, highlighting the range of investment opportunities in Egypt with a view to encouraging further investment in the nation's economy.

Inaugurating the forum, El-Sisi reviewed a range of large-scale development projects conducted by the state, such as the Suez Canal Area Development Project and the construction of a new administrative capital city.

El-Sisi is in Berlin to participate in the G20 Africa Partnership conference on 12-13 June, which focuses on business and investment opportunties in Africa, with the participation of the World Bank and the International Monetary Fund, as well as several African heads of state.

The Egyptian president is set to meet with German Chancellor Angela Merkel later on Monday on the sidelines of her talks with African leaders.

During the G20 conference, El-Sisi is due to deliver a speech about the challenges facing African countries. He will also take part in a panel discussion hosted by Merkel on private investment in infrastructure and partnerships between the private and public sectors.

Egypt and Germany have strengthened economic and political ties over the past few years.

Last November, the first German passenger flight arrived at Sharm El-Sheikh airport, putting an end to the European country's one-year travel ban to the Red Sea resort city after a Russian passenger plane was brought down by a terrorist bomb in Sinai in 2015.

In 2015, German company Siemens signed an eight billion euro ($9.05 billion) deal with Egypt to build gas and wind-power plants.

Germany has also begun supplying Egypt with submarines, in 2016 delivering a submarine built by ThyssenKrupp Marine Systems. Two more submarines destined for Egypt are currently under construction.

Bilateral trade amounted to approximately 5.6 billion euro in 2016, a 10 percent rise from 2015. German investment in Egypt up to January this year stood at nearly $620 million.

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