German economy minister chairs business mission to Egypt on Sunday

A business delegation headed by Germany’s Vice-Chancellor and Minister of Economic Affairs and Energy, Sigmar Gabriel is visiting Egypt from April 17-18, an official said Thursday.

The delegation consists of 150 members; including 85 businessmen of the German private sector, said Rainer Herret, CEO of German-Arab Chamber of Industry and Commerce.

Herret stated that Egypt’s imports of German products have increased in 2015 by 25.15 percent to reach €3.3 billion; while its exports substantially jumped by 13.6 percent to reach €1.7 billion.

The German delegation will attend the third session of Egyptian-German Joint Economic Committee, which consequently takes place in Berlin and Cairo. It is considered an important tool to enhance economic relations between Egypt and Germany.

Around 70 German companies have established several factories in Egypt hiring more than 23 thousand workers, he added.

Herret also said the visit would tackle a number of important topics including trade, investment exchange, transfer of technology promoting, and renewable energy cooperation.

The official further pointed out that Germany transfers information and technology for energy efficiency and renewable energy resources, drawing attention to Germany’s role to establish wind farms in Egypt such as in Zafarana and Gebel El Zeit, in Gulf of Suez.