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Sunday, 22 September 2019

Egypt's PM says he appreciates Germany's confidence in Egypt's investment climate

MENA , Wednesday 26 Jun 2019
Madbouly
Egypt's Prime minister Mostafa Madbouli in Germany (Photo: Al-Ahram)
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Egypt's Prime Minister Mostafa Madbouly stressed on Wednesday the importance of his visit to Germany.

Addressing the 22nd session of the Arab-German economic forum with the participation of a large number of Egyptian and German businessmen and senior officials, the prime minister said that Egypt is a hub for trade, tourism and energy.

Madbouly said the success of Egypt's economic reform plan was the result of serious work, expressing appreciation for the German-Arab Chamber of Commerce and Industry which organised this important event.

The PM pointed out that the past five years witnessed an exchange of visits by President Abdel-Fattah El-Sisi and German Chancellor Angela Merkel, saying that Egypt is the third biggest trade partner for Germany in the Middle East.

The prime minister expressed appreciation for the German government's strong support and confidence in Egypt's environment of investment and business, especially in sectors like energy, industry, tourism, construction and digital services.

He said the government drew up in 2014 a prosperous plan for economic reform and launched in 2016 a sustainable development strategy (Egypt vision 2030) in order to be the public frame of the government in the coming phase.

Madbouly pointed out international economic institutions praised Egypt's economic reform programme which led to an economic growth rate, cut down unemployment and curbed the budget deficit. 

Coinciding with the visit, the Egyptian cabinet's media centre reported on Wednesday that relations between Egypt and Germany have witnessed great development on all levels, particularly the economic ones as the volume of trade between the two countries hit 4.5 billion euros in 2018 and German investments in Egypt reached around $7.4 billion at the end of June 2018.

An infograph posted on the centre's official Facebook page shed light on the return of the German Mercedes Benz to the Egyptian market and Bosch pumping new investments in Egypt in addition to Siemens.

Egypt's exports to Germany increased by 10.6 percent, reaching 361.3 million euros, from January to March 2019, compared to 326.5 million euros during the same period in 2018.

Egypt's oil exports to Germany increased by 23.5 percent reaching 168.3 million euros from January till March 2019, compared to 136.3 million euros during the same period in 2018.

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