Friday 22 Nov
German President Frank-Walter Steinmeier will lead a delegation of major German companies on his historic visit to Egypt next week, the first by a German president in 24 year, Alexis Bello, the economic advisor to the German embassy said. His announcement came during a roundtable hosted by the German-Arab Chamber of Industry and Commerce, focusing on future German investments in Egypt.
The roundtable was attended by Hossam
Heiba, CEO of the General Authority for Investment and Free Zones, Jürgen
Schulz, the German ambassador to Cairo, and Engineer Alaa Kamal, Vice President
of the Chamber's Board of Directors.
The Chamber aims to foster
collaboration between the private sector and government agencies, promote
knowledge sharing, and strengthen Egyptian-German ties across various
industries.
Hossam Heiba highlighted Egypt's
growing renewable energy sector, emphasizing its potential to meet the needs of
150 million citizen whether domestic consumers or international markets. He
praised German investments for their role in driving this development, in
addition to 3.5 billion people whose economies are linked to the Egyptian
economy through trade agreements. He praised German investments for their role
in driving this development.
German investments have
flourished in Egypt, with 1620 companies operating across various sectors.
These investments have boosted technology transfer and job creation.
The CEO of the General Authority
for Investment said that Egypt has actively improved its investment climate
over the past decade, modernizing regulations and developing infrastructure.
The government offers a diverse range of investment options, including free
zones and technology parks, to cater to different business needs and provide various
packages that suit all sectors.
Ambassador Jürgen Schulz stated
that during his four-year tenure, which began last August, he aimed to maximize
investment cooperation together with the development of political relations
between the two countries, capitalizing on Egypt's abundant investment
opportunities.
The economic advisor to the embassy indicated that Germany plans to expand its reliance on Egypt's renewable energy sources, especially green hydrogen. Egypt's significant strides in this sector, including a regulatory framework, position it to capture 8% of the global green hydrogen market. Germany is committed to supporting Egypt's development efforts through financing and investments.
