The Egyptian Ministry of Industry recently hosted a roundtable discussion with German industrial companies to explore their expansion plans, challenges, and solutions. The meeting was led by Minister of Industry Khaled Hisham and attended by German Ambassador to Egypt Jürgen Scholz, among other officials. The discussion aimed to enhance cooperation between Egyptian and German companies, promoting economic growth and development in both countries.
Minister Hisham emphasized the strong relationship between Egypt and Germany, built on mutual respect, cooperation, and shared economic interests. He highlighted the ministry's efforts to engage with companies from various countries investing in Egypt to understand their challenges and expansion plans. The goal is to support the growth of both countries' economies by fostering partnerships between private sector companies.
The ministry aims to attract more German companies to the Egyptian market, particularly medium and small-sized enterprises specializing in advanced technologies. This would facilitate the transfer of technology and innovation to the Egyptian market, improve local industry efficiency, and establish strong partnerships between Egyptian and German private sector companies.
German Ambassador Jürgen Scholz expressed his country's commitment to increasing economic and industrial cooperation with Egypt. He noted that the Egyptian market is one of the most important in the region, with bilateral trade between Egypt and Germany reaching approximately 6 billion euros last year. German companies are interested in exploring investment opportunities in Egypt and injecting new capital into the market.
The German-Arab Chamber of Commerce and Industry in Egypt, led by Engineer Mustafa Al-Bajouri, plays a significant role in promoting German-Egyptian economic relations. The chamber has been operating in Egypt for over 100 years and is celebrating its 75th anniversary this year. Its members are keen to transfer German technology to the Egyptian market, develop skills, and create new job opportunities.
Minister Hisham and Ambassador Scholz held separate meetings with representatives of 11 German companies participating in the roundtable discussion. The companies, including Bavaria Egypt, BSH Home Appliances, and Mercedes, discussed their challenges and plans for expansion in Egypt. Some companies are already operating in Egypt, while others are interested in investing in the market.
The Egyptian government is implementing programs to develop local suppliers and improve their efficiency in various industries. Minister Hisham mentioned the introduction of a new certificate, "Value," to evaluate industrial facilities and link incentives to their efforts in increasing local content, deepening manufacturing, and developing suppliers. The National Program for Automotive Industry Development (AIDP) is also a key initiative to attract global automotive brands and establish a comprehensive industrial base in Egypt.
Key points
- Egypt is attracting new investments from German companies in tire and electric vehicle battery manufacturing, boosting its automotive industry.
