German business community keen to boost Egypt investments: minister

The German business community is keen to increase their investments in Egypt, notably in construction, manufacturing and services sectors, said Bavarian State Minister for Economic Affairs and Media, Energy and Technology on Sunday.

 The Bavarian minister made these remarks after meeting with Egyptian Prime minister Sherif Ismail in Cairo. The minister is currently visiting Egypt to head a Bavarian parliament delegation and representatives of some leading Bavaria-based firms.

Egypt is a central country in the Middle East region full of great competences and capabilities, the minister said, hailing Egyptian government’s efforts to modernise the country despite ongoing major challenges.

Meanwhile, Prime Minister Sherif Ismail said the Egyptian government is willing to provide an attractive investment climate as well as more incentives, in order to promote domestic and foreign investments in the country.

Egyptian Cabinet spokesman Hossam El-Kawish said in a statement Sunday that the Egyptian Prime Minister called top German companies to maximise current available investment opportunities in Egypt, mainly in major development projects such as Suez Canal Corridor Development.

Bavarian Economy is the second largest economies in the German states. Its GDP in 2007 exceeded €434 billion (about $600 billion). This makes Bavaria itself one of the largest economies in Europe and only 20 countries in the world have a higher GDP. Trade between Egypt and Germany accounted for nearly €954 million in 2015.