GACIC: German Investments in Egypt Reach $11 billion

Head of the German-Arab Chamber of Industry and Commerce (GACIC) Emad Ghaly said on Sunday that German investments in Egypt accounted for $11 billion.

"Germany is one of Egypt's major partners with approximately $11 billion worth of investments allocated in various projects," he noted.

This came during Ghaly's statement at the 8th Mediterranean Tourism Forum (MEDITOUR 2019), which was organized by the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) in the Egyptian city of Alexandria.

[caption id="attachment_65044" align="aligncenter" width="960"] The 8th Mediterranean Tourism Forum (MEDITOUR 2019)[/caption]

In light of the development of infrastructure in Egypt and the Mega-projects being carried out in the country, Ghaly pointed out that the GACIC aims to attract further German investments, especially in the tourism sector.

It is worth mentioning that German tourists occupy around one-third of the total numbers of tourists arriving in Egypt annually.

Up to 1215 German firms are currently operating in Egypt particularly in the fields of information technology (IT), communication, manufacturing, petrochemicals, and car industries.