Egypt, Germany trade exchange hits €5.5B in 2022

The trade volume between Egypt and Germany experienced a surge in 2022, increasing by 7% to hit a record €5.5 billion compared to €5.1 billion in the previous year. This revelation was made by the Egyptian Minister of Trade and Industry, Ahmed Samir, during a meeting with his German counterpart. The meeting was part of Samir's visit to Berlin, where discussions regarding the strengthening of economic ties and assessment of the global economic situation took place. Noteworthy is the fact that Egyptian exports to Germany surpassed the €1 billion mark in 2022, which indicates a significant milestone in bilateral economic relations between the two countries. Both Egypt and Germany are keen on boosting their trade volume and have set a goal to double the figures achieved in 2022. In a bid to attract more German investments in Egypt, the Trade Minister presented a list of 152 targeted investment projects prepared by the Ministry of Trade and Industry. In addition, the state has outlined the incentives it will offer to foreign companies, especially those from Germany. Recently, in September, Egypt's Minister of International Cooperation, Rania Al-Mashat, announced the signing of a debt swap agreement worth €54 million with Germany. The agreement focuses on strengthening the energy sector of Egypt, demonstrating the country’s commitment to securing necessary financial support for implementation.