Egyptian and German trade ministers discuss building industrial zone in SZCONE

Ahram Online , Friday 27 Oct 2023

The Egyptian Minister of Trade and Industry Ahmed Samir has discussed with its German counterparts building an industrial zone in the Suez Canal Economic Zone (SZCONE), according to a statement on Thursday.

Egypt s Minister of Trade Ahmed Samir meets Samir held meetings Germany s Minister for Economics and
Egypt s Minister of Trade Ahmed Samir meets Samir held meetings Germany s Minister for Economics and Climate Action Robert Habeck. Cabinet.

 

Samir's meetings with German counterparts Robert Habeck, Minister for Economics and Climate Action, and Anja Hajduk, State Economic Secretary, also discussed increasing trade between Egypt and Germany and attracting investments for 152 projects.

Talks also included attracting German investments into the manufacturing, energy, and digital transformation sectors, among others.

The Egyptian minister also explored cooperation with German authorities and businesses to build a German industrial zone within the SZCONE.

Samir invited different entities from Germany to attend the seventh edition of the Egyptian-German Economic Committee meetings, which will be held in mid-2024.

Furthermore, the trade minister held a roundtable with representatives from 25 German companies in the fields of energy, infrastructure, chemicals, and the auto industry to discuss possible projects in Egypt.

During Samir's visit, the SCZONE signed a one-year renewable letter of intentions with the German Association of Small and Medium-sized Businesses to exchange investment information and form a joint committee for Egyptian-German trade relations.

The Ministry of Trade signed a memorandum of understanding with the German state of North Rhine-Westphalia to launch a series of annual economic summits, the first of which is scheduled to be held in Düsseldorf in 2024.

Since the beginning of 2023, Egypt has taken serious steps towards promoting and attracting investment, including slashing the paperwork required for new companies to start operations by 62 percent.

It is worth noting that trade exchange between the two countries grew by 7.8 percent in 2022 to reach €5.5 billion in 2022, up from €5.1 billion in 2021.

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