Minister of Investment and International Cooperation (MIIC), Sahar Nasr, met with Claudia Warning, director general of the German Federal Ministry for Economic Cooperation and Development (BMZ) in presence of Julius Georg Luy, ambassador of Germany to Egypt, Shehab Merzeban, leading economic adviser at the MIIC, as well as other Germany’s file officials at the ministry to discuss preparation of the Egyptian- German joint commission which scheduled to take place in October.
A Wednesday ministerial press statement said that Nasr affirmed its ministry’s keenness to boost cooperation with Germany and increase the German investments in the Egyptian market, specially, that both countries enjoy strategic relations, adding that her ministry aims at ranking Germany as one of the top 10 invested countries in Egypt comparing to its current rank as the 20th.
The statement noted that German investments in the market worth $641.4m with 11,103 companies, adding that main sectors of the German investments are petroleum, communication, gas, automotive, steel.
The German delegation said that its country is paying attention for boosting its support to Egypt in the coming period, specially, in terms of the economic aspect, according to the statement, adding that the delegation praised Egypt’s brave economic reforms, which will reflect positively on the developmental Egyptian German cooperation.
For her part, Nasr reaffirmed the ministry’s support for the private sector to inject more investments in the market, referring to the recent legislative reforms that contributed in improving the business climate.
Meanwhile, Julius Georg Luy, ambassador of Germany to Egypt, praised Egypt’s economy improvements noting that the German financial institutions including KfW, GIZ are offering the needed support for boasting the joint cooperation with Egypt.