German investments in Egypt have reached $7.1 billion from 1,215 companies doing business in the country, German Federal Minister for Economic Affairs and Energy Peter Altmaier said on Sunday.
During a visit to Egypt’s New Administrative Capital along with the Egyptian ministers of investments, electricity, and higher education, Altmaier highlighted his country's keenness on pouring more investments into Egypt, especially after the latest legislative and economic reforms implemented by the government.
Altmaier said that the New Administrative Capital represents potential for greater partnership between the two countries.
German companies are investing in sectors including petroleum, chemicals, vehicle manufacturing, communication, and steel.
Egypt’s Investment Minister Sahar Nasr said that there are around 1,000 potential areas of investment in the New Administrative Capital, saying that Egypt is working on luring investments into its national mega projects, which should create more jobs.