Global Arab Network | Egypt, Germany Deepen Economic Cooperation

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Egypt, Germany Deepen Economic Cooperation

Global Arab Network - - Gamal Ragay

Tuesday, 12 April 2011 00:16

Egypt, Germany Deepen Economic Cooperation

Egypt’s Industry and Foreign Trade Ministry is drafting and preparing several incentive measures to create an investment-attractive environment, especially for small- and medium-sized industries, Minister Samir el-Sayyad said.

Speaking at a working session held at the Arab-German Chamber of Commerce and Industry on Sunday 10/4/2011, Sayyad called on German companies to further their investments in Egypt and set up more projects in light of the promising opportunities in the Egyptian market in the various domains.

The Egyptian government is adopting economic reform measures to maintain the sustainability of economic and financial growth, he said.

The government is also committed to drafting more policies in order to create a favourable investment atmosphere, offer more jobs to youth and fight poverty, he said.

Egypt hopes to benefit from the German expertise, as one of the largest economic powers in Europe, especially in industrial technology, training and SME development fields, he added.

The meeting was attended by Information Technology and Communications Minister Maged Osman and President of the Federation of German Industries (BDI) Hans-Peter Keitel along with Egyptian and German businesspeople.

Egypt's Communications and IT Minister Maged Osman said on Saturday 9/4/2011 there are promising opportunities for luring German investments in the IT field in Egypt.

He was speaking following a meeting with a visiting delegation of the German Chamber of Commerce.

The meeting, attended by Egyptian Trade and Industry Minister Samir el-Sayyad, took up cooperation with Germany.

Egyptian Chairman of the General Authority for Investments and free zones (GAFI) Osama Saleh said a new package of investment facilities was launched aiming at luring new investments into Egypt in the coming period.

The package mainly facilitates measures pertaining to the establishment of companies as well as export and import and offers new services that contribute to the promotion of the investment atmosphere in the country, Saleh said in statements on Sunday 10/4/2011.

The package, endorsed by Prime Minister Essam Sharaf, also eases measures for registering branches of foreign companies in Egypt, he said. Preparations are underway to open new GAFI branches at investor gathering points in the 10th of Ramadan city, Dakahlia, Menya and the Sixth of October, he said.

He expressed his confidence that the Egyptian economy will recover from the current crisis, saying such measures adopted by the government will restore stability to the markets and push forward the development process.

Global Arab Network

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