German conglomerate Siemens is keen to expand its activities in Egypt in the coming period, the company’s CEO Joe Kaeser said.
The Siemens CEO's words came after a meeting with Egypt’s investment and international cooperation minister, Sahar Nasr, and chairman of the Suez Canal Authority, Mohab Mamish, in Germany on Monday.
According to a ministry statement released on Monday, Kaeser expressed his company’s readiness to execute new projects in Egypt and to increase training programmes in accordance with the Egyptian government’s vision of sustainable development.
Both sides discussed the launching of a training centre in the Suez Canal’s economic zone, as well as developing transportation services in the country, with a focus on railways and shipping.
Mamish stressed the zone’s policy of seeking to attracting investors by policies which ease restrictions they face.
Nasr highlighted the government’s intention to make use of German technical expertise, expressing her appreciation for German companies’ keenness on working and investing in Egypt.
She explained that the Suez Canal Area Development Project would provide major investment opportunities, and stressed that the government was keen on legislative reforms to improve the investment environment, and hoped that the new investment law will support the new zone.
The first phase of a Siemens electricity generation megaproject was inaugurated in February following a 2015 deal worth 8 billion euros (approx. $9 billion) with Egypt to build gas and wind power plants.
The project aims to boost Egypt’s power generation capacity by around 50 percent by May 2018.
The meeting on Monday took place on the sidelines of the German-Egyptian Economic Forum in Berlin, which President Abdel-Fattah El-Sisi is attending.
On the same day, the two countries inked three economic agreements worth 203 million euros, covering renewable energy, education, irrigation and small- and medium-sized enterprises.
The forum is aimed at highlighting the range of investment opportunities in Egypt with a view to encouraging further investment in the country.
The two countries have strengthened economic and political ties over the past few years.
German investments in Egypt are estimated at 1.5 billion euros and provide around 22,000 jobs, according to statements by the German ambassador to Egypt in February.
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.