Prime Minister Dr. Mostafa Madbouly held a round-table meeting Wednesday with chairmen and representatives of a number of German companies during his current visit to Berlin.
The premier was accompanied by the Chairman of the Arab Organization for Industrialization, Ambassador of Egypt to Berlin, and Egyptian businessmen.
Egypt promising market
Head of the Arab-German Chamber of Commerce and chairman of the German Parliament's Committee of Economic Affairs and Energy, Peter Ramsauer pointed out to the great importance of holding the Arab-German Economic Forum. During the current session of the Forum, Egypt is taking part as a guest of honor
He also thanked Egypt’s ambassador to Berlin Badr Abd El Atti for the great efforts he exerts in enhancing and pushing forward the cooperation relations between the two countries.
The German official added that Egypt is a promising market for the German investors; it also represents a getaway for Africa and the Middle East.
Ramsauer asserted that the economic and investment climate in Egypt is improving significantly, pointing out to some administrative obstacles that the Egyptian government is keen to handle.
"Egypt is implementing unprecedented infrastructure projects such as new Suez Canal Free Zone, the administrative capital, and the major projects in the energy field," Ramsauer said, lauding the increasing the number of German companies in Egypt during the past few years.
Investments in Egypt
On the other hand, Madbouly expressed his appreciation to German authorities for choosing Egypt as a guest of honor in the Arab-German Economic Forum this year, stressing that this represents a key chance to exploit the current momentum of Egypt-Germany relationship.
Madbouly invited German companies to utilize the bilateral relation between the two countries and increase their investments in Egypt, especially that Cairo is experiencing key improvement in all economic and monetary indicators.
The PM added that the unemployment rate in Egypt has fallen from 13% to 8%, while cash reserve increased from $14 billion to more than $44 billion during the current period.
"We target a 6% growth rate by the next year," Madbouli revealed, pointing out to the infrastructure projects whether implementing a highway network with a length of 6000 km in 4 years or the energy projects, in addition to the urban expansion and construction of new cities.
"The government also provided a favorable legislative environment through amendments approved by the Parliament," Madbouly said.
The PM pointed out that he formed an executive unit under his direct supervision to solve the problems facing the companies investing in Egypt.
“We have succeeded in solving a number of problems facing German companies before traveling to Germany, paving the way for signing important memorandums of understanding with Mercedes-Benz and Bosch yesterday since these companies have confidence in the economic situation in Egypt,” he assured.
Transport
He stressed that President Abdel Fattah El-Sisi is paying great attention to the development of the transport system in Egypt, especially the railway system, smart transportation projects and electric buses.
Madbouly pointed out to the most important incentives provided by the government to investors recently, including the provision of industrial land at 7% interest rate, while the investors could pay the cost of the land in installments , in addition to amending the investment law to grant the existing projects the same advantages received by the new ones.
Future of German investors
Chairman of Kuwait Chamber of Commerce and Industry Ali Mohammad Al-Ghanim, said Egypt has changed significantly over the past five years, advising German investors to invest in Egypt saying:” Egypt represents the future."
In the same context, the representatives of the German companies attending the meeting talked about their current projects in Egypt and their plans for future expansions, praising the current business climate in Egypt and the Egyptian government's keenness to overcome administrative obstacles.
The ministers, accompanying the PM, reviewed the most important developments and projects implemented over recent years in the fields of attracting investors and solving their problems, as well as the projects of electricity and renewable energy, oil and gas, telecommunications, digital transformation, automation of government services, transport and communications.
Ahmed Al Suwaidi, Chairman of the Federation of Industries, and Head of Federation of Egyptian Chambers of Commerce Ahmed El Wakil, affirmed that Egypt is a promising market of 100 million people, in addition to the export potential to 2 billion people around the world through free trade agreements between Egypt and several countries.
Al Suwaidi stressed the importance of cooperation with the Germans in deepening industry file, and developing small- and medium-sized enterprises.
On the other hand, El Wakil urged authorities to cooperate with the Germans in the reconstruction of Syria , Libya and Yemen.
Contributed by Bassant Ahmed
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