(MENAFN- Daily News Egypt) A delegation of representatives from leading German companies will accompany German President Frank-Walter Steinmeier on his upcoming visit to Egypt, marking the first visit by a German president to the country in 24 years.
The visit, announced by Alexis Bello, Economic Counsellor at the German Embassy, highlights the growing interest in investment opportunities in Egypt.
The German delegation's presence underscores the strengthening of ties between the two countries, particularly in the economic sector. The German-Arab Chamber of industry and Commerce (GACC) recently hosted a roundtable discussion on the future of German investments in Egypt, bringing together key figures from the public and private sectors.
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), emphasized the Egyptian government's commitment to positioning the country as a major player in the global renewable energy market.
He pointed to the growing influx of investment capital into this sector, driven by the need to meet the energy requirements of Egypt's 150 million residents and those connected through trade agreements, totalling 3.5 billion people. Heiba also highlighted the role of German investments in developing Egypt's energy sector.
Currently, German investments in Egypt span 1,620 companies operating across all economic sectors. These companies contribute to transferring technology to the Egyptian economy and employing thousands of workers.
Heiba further elaborated on the strides made in Egypt over the past decade to create a welcoming investment environment, outlining the country's achievements in legislative and regulatory reforms, as well as infrastructure development.
He highlighted the availability of diverse investment schemes for foreign investors, including free zones, special economic zones, industrial zones, and technology parks, catering to various investment needs. The Egyptian government also offers tailored investment packages for specific sectors.
Ambassador Jürgen Schulz, German Ambassador to Cairo, expressed his goal of maximizing investment cooperation during his four-year tenure, which began in August 2023. He emphasized the significant investment opportunities available in the Egyptian economy.
Bello also emphasized Germany's intention to increasingly rely on renewable energy sources from Egypt, particularly in the green hydrogen sector. He highlighted Egypt's significant progress in this area, with the launch of a dedicated strategy and legislation for incentives, positioning the country to achieve its ambition of capturing 8% of the global green hydrogen market. Bello reiterated Germany's commitment to supporting development efforts in Egypt, through both financial assistance and new investments.
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