Egypt eyes improvement on €4.4b trade with Germany

Egypt’s Foreign Minister, Sameh Shoukry begins a four-day visit to Germany on Monday to explore among other things ways of improving on its €4.4 billion trade with the European nation.In a statement Sunday, Shourky’s office said his visit is informed by the need to strengthen trade and other relations with Berlin, one of Egypt’s leading trading partners.

The volume of German-Egyptian trade had reached €4.4 billion in 2015 and according to Egypt’s Foreign Ministry Spokesperson, Ahmed Abu Zeid, his country is keen to bolster the momentum of its economic dealings with Germany, which is the leading economic hub in Europe.

Some 935 German or partially German companies have invested about 2.5 billion in Egypt recently.

Zeid said during his visit to the German capital Shoukry will meet with his German counterpart Frank-Walter Steinmeier, the German National Security Advisor, the ministers of Interior and Economic cooperation, and parliament majority leader.

In light of Germany’s weight as a global economic power, Egypt hopes that the German business community would become a key investment partner, the spokesperson added.

Shoukry will address issues surrounding the key German economic initiatives in Egypt, including projects by Siemens and others in the spheres of housing, tunnels construction, transportation, oil and natural gas, according to Zeid.