German companies are negotiating new deals with Egyptian partners in automotive and modern technology sectors, the German ambassador to Egypt, Julius Georg Luy, told Daily News Egypt, adding that both sides discussed the latest German delegation’s visit to Egypt which took place on 2-4 February.
“We discussed with Egyptian President Abdel Fattah Al-Sisi an automotive sector project, yet we don’t want to reveal more details as companies prefer to announce their projects by themselves,” he mentioned.
Notably, Mercedes-Benz looks forward to resuming production in Egypt soon, Markus Schafer, member of the Divisional Board of Mercedes-Benz, said on 12 January, adding that the global vehicle manufacturer also considers introducing additional models in Egypt.
Germany is proud of its latest high-level economic visit which included over 120 persons and headed by the Federal Minister for Economic Affairs and Energy, Peter Altmaier, with the membership of economic and parliamentary officials, the ambassador added.
“The latest visit was very fruitful as we laid the cornerstone for the German International University (GIU) at the New Administrative Capital (NAC),” the ambassador said.
“For 2019, we have a very busy schedule with several trade missions,” he mentioned, affirming that trade relations with Egypt will continue growing.
In 2018, Germany was Egypt’s biggest European trade partner, with a total trade value of about $6bn, according to a past statement by the German embassy.
Additionally, the ambassador affirmed his country’s commitment of supporting Egypt’s budget with loans worth $500m (€450m). However, he added, “no fixed date yet for disbursing the funding. It will be sooner or later.”
Altmaier met with Al-Sisi last week to discuss the bilateral relations. The German official also visited the Cathedral of the Nativity, Al Fattah Al Alim Mosque, and the new Siemens power plant at the New Administrative Capital (NAC).