German developmental projects in Egypt worth €6 billion- trade minister

The total volume of developmental projects executed by Germany in Egyptian market since 1963 is estimated at €6 billion, Egyptian Trade Minister Tarek Qabil stated Wednesday.

The minister made these remarks during the 65th annual meeting of German-Arab Chamber of Industry and Commerce.

Qabil clarified that Germany supports Egypt in enhancing fields of labour efficiency, vocational training, Small and Medium-sized Enterprises (SMEs), managing water and wastes, in addition to renewable energy.

The minister added that Egypt is one of Germany’s important trade partners in Arab region since the trade exchange between two states recorded €5.1 billion in 2015, marking 15.8 percent increase.

Meanwhile, Germany is the 21st largest investor in Egypt since it invest in 978 projects in Egypt with investments worth US$594 million.

Qabil is set to visit Germany on Tuesday June 2, 2016 to hold official discussions with a number of German ministers and organisations to enhance mutual economic cooperation.

During the visit, the minister is also set to talk over means of enhancing intra-trade rates and joint investments between Egypt and Germany within the upcoming period.