Hanafy made this announcement during a meeting with Prime Minister Mostafa Madbouly, President of the GACIC Olaf Hoffmann, Minister of Tourism and Antiquities Sherif Fathy, and Secretary-General of the GACIC Ambassador Abdulaziz Al-Mikhlafi.

He added that tourism is a promising field for investment, with the opportunity to propagate for the North Coast region in Germany. 

Moreover, he pointed out that the link between businessmen and the private sector in Egypt and Germany is essential to support cooperation and establish strategic alliances or partnerships between the two countries.

Egypt receives around 1.5 million German tourists annually, Fathy noted.

During the meeting, Hoffmann said the automotive sector is a promising field for cooperation between Cairo and Berlin, stressing the importance of supporting the localization of the automotive industry to help Egypt become a hub for automotive manufacturing and export to neighbouring countries.

For his part, Madbouly clarified that the total number of German companies operating in Egypt and participating in several important projects has reached 1,600.

Additionally, the total trade between the two countries recorded approximately $6.6 billion, he continued. 

According to Trade Map, the trade between Egypt and Germany increased from $4.83 billion in 2019 to $4.89 billion in 2023.

In September, President of Germany Frank-Walter Steinmeier visited Egypt, the first such visit in 24 years.

According to the Central Bank of Egypt (CBE), the German foreign direct investment (FDI) inflows in Egypt recorded $355.7 million, while the German FDI outflows reached $256.1 million, during FY2022/2023.

Furthermore, the two countries have agreed to establish a liaison office with the GACIC and the General Federation of Chambers of Commerce in Egypt, Al-Mikhlafi stated.

The GACIC, established in Egypt in 1951, include more than 2,500 members.

It represents the largest business cooperation between Germany and the Arab world.