Sisi hails German firms’ role in helping Egypt’s economic development

Egyptian President Abdel Fattah al-Sisi said on Sunday the country highly appreciates the role played by German companies in achieving the country’s economic and social development.

In a meeting with a German delegation comprising CEOs and representatives of major firms and a number of German MPs, Sisi asserted that Cairo succeeded in making major steps towards consolidating stability, the main pillar towards attaining economic growth.

The meeting was attended by German Federal Minister for Economic Affairs and Energy Peter Altmaier, and Egypt’s Investment Minister Sahar Nasr, Finance Minister Mohamed Maait and Industry Minister Amr Nassar.

During the meeting, Sisi told the German delegation that the country’s in-progress economic reform programme focuses on increasing spending on the development of health and education systems, with the aim of enhancing services offered to citizens, while supporting the most needy social classes, according to his spokesman Bassam Rady.

Egypt has adopted policies to provide an attractive and competitive business environment, and enacted an integrated package of legislation to remove obstacles in the face of the private sector, in addition to drawing up a comprehensive investment plan for all economic sectors and stepping up anti-corruption efforts, the spokesman quoted Sisi as saying.

The president also briefed the group on national mega-projects that are underway with a view to stimulating the economy and raising growth rates and securing more jobs, as well as attracting further foreign investments, the spokesman added.

In this regard, Sisi cited the Suez Canal Development Corridor project and the government’s plan to build a number of new cities, notably the New Administrative Capital, besides elevating the efficiency of the national road network across the country, and increasing reliance on renewable energy.

Sisi said that Cairo is seeking to prepare a national strategy for the automotive industry, with the aim of turning the country into a centre for assembling and manufacturing vehicles, welcoming Mercedes-Benz’s move to go back to assembling its cars in Egypt.

For their part, the German delegation, the spokesman said, expressed their admiration for the great progress that Egypt has made in a few years, adding they are looking forward to pumping more investments into the country over the coming phase, especially in light of ongoing cooperation between the two states in several fields, notably vocational and technical training, petrochemicals, iron and steel, energy and renewable energy,

Source: Ahram Online