Siemens investments in Egypt hit €8b: German Ambassador

The total investments of German industrial group Siemens in Egyptian energy sector reached €8 billion, German Ambassador to Cairo, Julius Georg Luy stated Monday.

Luy stated that the latest visit of German Minister for Economic Affairs and Energy -accompanied by 100 businessmen and investors- to Egypt came as pursuant to its prominent place in the Middle East.

About Egypt’s new investment law, the ambassador added that it would participate in setting the framework of attracting investments to Egypt besides abolishing bureaucracy crisis.

After endorsing the law by Egypt’s Cabinet, foreign investments in general and German ones in particular are set to flow into the Egyptian market, Luy said.

The Ambassador asserted that the economic reforms adopted by the Egyptian government are necessary to put national economy on the right track, describing state’s move to liberalise exchange rate as a right decision to attract investors.