Egypt is Germany’s third-largest trade partner

0

Egypt is Germany’s third-largest trade partner in the Middle East, with a trade exchange worth $3.6 billion.

According to a report by the Ministry of Trade and Industry, trade between the two countries increased by $43 million during the first nine months of 2019 to $3.622 billion, compared to about $3.579 billion recorded during the same period in 2018.

In 2017, the trade exchange between Egypt and Germany reached its highest level at 5.8 billion euros.

Germany’s total investment in Egypt currently stands at about $7.4 billion across various fields, including construction, industry, tourism, the service sector, agriculture, and information and technology.

In German investment guarantees, Egypt also ranks among the top ten recipients with 18 guarantees worth 1.4 billion euros.

During Mostafa Madbouly, Egyp’st Prime Minister visit to Germany last June, he signed a memorandum of understanding with Bosch to build a factory in an area of 120,000 square meters in the 10th of Ramadan City.

The factory is expected to serve as a base for exporting household appliances across Africa.

A memorandum of understanding was also signed between Egypt and Mercedes during Madbouly’s visit with Mercedes announcing its intention to resume its activities in Egypt through the assembly of GL models.

Volkswagen has also expressed interest in investing in Egypt through the manufacture and assembly of natural gas mass-transport vehicles.

BMW also seeks to expand its activities in Egypt with plans to enter the electric car market in the country, which was launched after the Ministry of Investment and International Cooperation received an electric i3 vehicle from the company.

ALSO READ: Egypt’s Economic Renaissance: Lessons To Learn

In a meeting with the German ambassador in Cairo, Amr Nassar Minister of Trade and Industry emphasized the importance of taking advantage of German expertise in developing the Egyptian industrial sector, mostly because Germany enjoys extensive experience in the field and possesses advanced technologies.

He added that the German business community should expect huge investment opportunities in the industrial and service sectors in the Egyptian market so as to meet local market needs and boost exports to neighbouring countries’ and regional markets.

The prime minister pointed out that Egypt enjoys a huge industrial base, which he said qualifies it to lead the industrial sector in the Middle East and Africa.

Comments are closed.