Egypt, Germany aim for €9B trade boost by end of 2024

Egypt and Germany have set their sights on significantly increasing bilateral trade. During an economic summit in Düsseldorf, officials from both countries announced an ambitious goal to boost trade to €9 billion by the end of 2024, a €2 billion increase from the current level of €7 billion.

The summit between Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, and North Rhine-Westphalia’s Minister of Economic Affairs underscored the crucial role of the German state in achieving this target. It is expected to contribute €3 billion to the overall increase.

Egypt’s Commercial Representation Office highlighted a range of investment opportunities for German companies, positioning Egypt as a strategic gateway to global markets. This initiative, driven by Egypt’s Commercial Office in Berlin, aims to strengthen economic ties with North Rhine-Westphalia, a region renowned for its industrial expertise.

The summit focused on addressing challenges to investment flow and exploring new avenues for cooperation. Over 100 German companies, including industry giants like Thyssenkrupp and Energy for Climate, participated in discussions on Egypt’s economic reforms and its readiness to welcome increased foreign investment.

Minister El-Khatib emphasized Egypt’s role as a bridge to international markets, citing the country’s fiscal and industrial policy advancements and government efforts to create a more business-friendly environment. He extended an invitation to German companies to capitalize on the opportunities available in Egypt, emphasizing the mutual benefits of stronger economic ties.

The summit marked the launch of the Egypt-North Rhine-Westphalia Economic Summit, laying the groundwork for a new era of economic collaboration between the two nations.