An Egyptian delegation headed by President Abdel Fattah El-Sisi flew to Germany earlier this week on an official two day visit. The president’s participation came upon an invitation from the German Chancellor Angela Merkel to the Berlin held conference on investment in Africa, which was attended by African leaders and representatives from the African Development Bank, IMF, the World Bank, as well as, major German firms.
Presidential spokesman Alaa Youssef said that the German chancellery is expected to launch an initiative for cooperation with Africa, adding that the overture is meant to establish partnerships with world finance institutions with a view to provide an investment-luring climate in Africa. He also said that the step will contribute to achieving economic and social development and creating jobs in the continent. Furthermore, Ambassador Mohamed Higaz, former Egypt’s envoy to Germany said that Germany adopts a major development project named Marshal in Africa.The project aims to create jobs for young people in the continent over the next years. It also targets to reduce the illegal immigration to Europe.
The schedule of the Egyptian President, was extremely busy during his visit; on the first day he met with Brigitte Zypries, German minister of economic affairs and energy; Sisi discussed during the meeting the investment opportunities and the economic reform that is taking place in Egypt. He noted that ministry of investment and international cooperation is working hard to boost the investment atmosphere in Egypt, in order to attract more foreign investments. He also addressed the steps taken by the Egyptian government, in order to lessen the economic burden over the Egyptian citizens, which includes establishing more social solidarity programs and increasing the interest rates.
From her side, Zypries praised the effort exerted by the Egyptian President and his important visit to Germany, to promote the cooperation between African countries and G20. Zypries stated that Germany is looking forward to establish more investments in Egypt; praising the current economic cooperation between the Egyptian government and a large number of German companies; one of the most significant is Siemens, which is currently building in Egypt one of the biggest power plants worldwide. She also stated that the security state in Egypt is more stable, acknowledging the effort of Egypt in fighting terrorism.
President El-Sisi also met with the heads of several German companies, to discuss boosting cooperation between the Egyptian companies and the German ones in the fields of technology, by giving training to Egyptian engineers and technicians in order to get exposed to the latest German technological advancements and adopt it in the production process.
The Egyptian President attended the fourth Session of the German-Egyptian Joint Economic Committee at the Adlon Hotel in Berlin. During his speech, the President urged the German companies to increase their investments in Egypt and establish a German industrial zone in one of the promising sectors, including medical supplies, engineering and IT. The President stressed in particular investment in Egypt’s auto industry as one of the country’s “promising sectors,” noting that there is a “national strategy” underway for the industry.
President Abdel Fattah El Sisi attended on Monday the inaugural session of the Egyptian-German Business Forum. Chairman of the Suez Canal Authority and the General Authority for the Suez Canal Economic Zone Mohab Mamish spoke at the forum on investment opportunities in the Suez Canal Corridor project that was launched in 2014. The project is aimed to increase the role of the Suez Canal zone in international trade.
Minister of Investment Sahar Nasr, signed three agreements worth EUR.200 mn, according to a ministry statement. EUR 141.5 mn is earmarked for a wind power facility in Suez, an energy efficiency program, an SME development project, and a program for irrigation and wastewater treatment. On the other hand, Minister of Trade and Industry Tarek Kabil met with German officials to push for more investment in national megaprojects including the 1.5 mn feddans desert reclamation drive and the Golden Triangle development project.