Egypt, Germany mull establishing industrial zone in SCZONE

Egypt and Germany are considering setting up a German industrial zone in the Suez Canal Economic Zone (SCZONE), local press reported on Sunday.

The announcement was made during the sixth edition of the Egyptian-German Economic Committee meetings in Berlin on Friday.

It was headed by Egyptian Minister of Trade and Industry and German Minister of State at the Federal Ministry for Economic Affairs and Climate Action.

During the meeting, they signed a protocol to boost cooperation in trade, investment, small and medium-sized projects, climate action, and energy.

Trade exchange between both countries climbed by seven percent year on year (YoY) in 2022 to €5.5 billion, up from €5.1 billion the year before, the Egyptian minister said.