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Joint business forum to be held during Al-Sisi’s visit to Germany: Ambassador Georg Luy - Daily News Egypt

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Joint business forum to be held during Al-Sisi’s visit to Germany: Ambassador Georg Luy

President to visit Germany on four-day visit end of October

President Abdel Fattah Al-Sisi will pay Germany an official visit from 28 to 31 October to discuss boosting bilateral relations, the German Ambassador to Egypt, Julius Georg Luy, told Daily News Egypt, adding that a large business delegation will accompany the president during his planned visit.

The ambassador noted that a joint business forum will be held throughout the visit, mentioning, “joint agreements are likely to be signed, but we will wait and see.”

The ambassador said that the expected trade exchange between both countries by the end of 2018 will record more than 6bn, which is 2017’s figure, noting, “I can’t define a specific figure for the whole of 2018’s trade exchange because it is a private sector issue, not a governmental-coordinated approach.”

The ambassador said that 2018 witnessed several bilateral business missions, noting, “there is a considerable interest from the German businesspersons to invest in Egypt, as well as boosting trade exchange.”

The ambassador said that discussions between the Egyptian and German sides are taking place concerning the cars’ joint manufacturing or assembly, in light of Egypt’s automotive strategy, explaining, “there are many proposals and considerations, but nothing is confirmed yet.”

Additionally, the ambassador highlighted that German tourists are still in the first rank of foreign tourists who visit Egypt annually, adding, “Germans love to go to the Red Sea resorts, especially Hurghada and even Sharm El-Sheikh. I expect a further increase of German tourists’ numbers who come to Egypt.”

On 20 September, Egypt’s Minister of Investments and International Cooperation, said that German investments in Egypt reached $641.4m from 1,103 companies in the sectors of chemicals, petroleum, telecommunications, gas, automotive, iron and steel, clarifying that Germany ranks as 20th in the list of countries investing in Egypt, aiming to upgrade its position to be among the top 10 investing countries among its markets. 

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