Egypt's Minister of Trade and Industry Amr Nassar said trade relations between Egypt and Germany witnessed tangible developments during the first nine months of 2019, as trade exchange between the two countries recorded $3.662 billion, up from $3.579 billion during the same period in 2018, with an increase of $43 million.

 

Nassar's remarks came during his meeting with Cyril van Nun, the German ambassador to Cairo, on Wednesday to discuss the future of economic cooperation between the two countries.

 

The Egyptian-German economic relations are witnessing unprecedented developments, particularly on the commercial and industrial levels, Nassar said.

 

Talks between Nassar and Van Nun focused on the possibility of benefiting from the German expertise in developing the Egyptian industrial sector, since Germany has vast experiences and advanced technologies in this area.

 

Nassar stressed the possibility of establishing joint Egyptian-German projects to produce automotive components to meet the needs of the local and EU markets.

 

Nassar said Egypt capitalised on its market's competitive edge, such as the availability of qualified labour and the low cost of shipping from Egyptian ports to European countries.

 

The German ambassador stressed the mutual understanding between the German and Egyptian governments to develop economic cooperation between the two sides.

 

He noted that there was a tendency among German business circles to work in the Egyptian market, regarded as a hub for regional and African markets.