Global Arab Network | Egypt, Germany: New Mechanisms to Foster Economic Cooperation

Translate this article to your language:

GANPublications

e-Publications

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

RSS Feed

--------------------------------------------------------------------------------------------------------------------
| |

Egypt, Germany: New Mechanisms to Foster Economic Cooperation

Global Arab Network - - Gamal Ragay

Wednesday, 23 June 2010 21:22

The coming period will witness the implementation of new mechanisms to enhance the Egyptian- German economic ties, said Egypt Trade and Industry Minister Rasheed Mohamed Rasheed.

Trade and Industry Ministry said that there is a plan aiming at raising the Egyptian exports to 200 billion EGP by 2013.

Germany has one of the strongest economies in the European Union, however, Egypt's trade relations with the EU member are not on par, he said.

He expected Germany to be among the first European countries to overcome the financial crisis.

Rasheed, accompanied by a delegation of 65 leading businesses, arrived in Germany on Monday on a five-day visit.

A program aimed at increasing Egyptian exports to Bavaria has been prepared, said Egyptian Minister of Trade and Industry Rasheed Mohamed Rasheed in Munich.

The program also aims at boosting trade exchange in the phase to come, said Rasheed.

Egypt and Germany have agreed on fostering cooperation in the industrial training field in a move meant to benefit from the German expertise in this respect.

Trade and Industry Minister Rasheed Mohamed Rasheed lauded on Tuesday 22/06/2010 deeply-rooted economic ties between Egypt and Germany, especially in the sectors of energy, gas and modern technology.

This came during Rasheed's speech to a forum that brought together heads of major German companies under the sponsorship of the Bundesverband der Deutschen Industrie (Association of the German Industries) and the Arab-German friendship association in Munich.

Germany is one of the top trade partners for Egypt, the Minister added.

Egypt is Germany’s third largest trading partner in the Arab region. Bilateral trade grew markedly in 2008, to approximately EUR 3.9 billion. In 2008, German exports to Egypt increased by 27.6 per cent, to EUR 2.7 billion. Germany’s main exports were machinery, vehicle parts, electrical and electronic goods and pharmaceuticals. In 2008, German imports from Egypt grew by nearly 40 per cent, to EUR 1.17 billion. According to the German Federal Bank figures, German direct investments in Egypt fell in 2008, from EUR 497 million in the previous year to EUR 137 million. In 2008, German visitors to Egypt numbered 1.2 million, making Germans the second-largest group of tourists after the Russians and ahead of the British and Italians.

The German-Arab Chamber of Industry and Commerce (GACIC) in Cairo, which has been operating successfully for over 50 years, is a German chamber of commerce abroad responsible primarily for Egypt. Germany Trade and Invest (gtai) also runs an office in Cairo.

Global Arab Network

Image credit: crossed-flag-pins

< Prev		Next >

Last Updated on Wednesday, 23 June 2010 21:32

Add comment

The opinions of the authors in articles published are theirs alone and do not necessarily reflect the views of Global Arab Network
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network