German Ambassador Highlights Strong Economic Ties With Egypt

(MENAFN- Daily News Egypt) Jürgen Schulz, Germany's Ambassador to Egypt, has stressed Germany's strong economic ties with Egypt, noting that it ranks among the country's top five trading partners.

“German-Arab Chamber of industry and Commerce (AHK Egypt) is an essential and crucial asset for Germany's commercial and trade work,” Schulz said during his speech at the AHK's General Assembly 2024.

During German President Frank-Walter Steinmeier's visit to Egypt, President Abdel Fattah Al-Sisi underscored Germany's pivotal role in supporting Egypt's transportation sector.

In collaboration with the AHK Egypt, the German Embassy is actively working to strengthen the private sector and enhance the investment climate in Egypt. Additionally, during Bavarian Minister-President Markus Söder's visit, Egypt's Minister of Electricity and Renewable Energy, Mahmoud Esmat, signed a joint declaration with Bavaria to advance cooperation in the hydrogen sector.

On 15 October, the AHK bid farewell to its Board of Directors, 2022-2024. Accordingly, the Chamber has expressed its heartfelt gratitude and appreciation to the outgoing Board of Directors, acknowledging their crucial role in supporting the Chamber and its members over the past years and contributing significantly to its success.

The much-anticipated moment has arrived, as members have elected the new Board of Directors for the 2024-2026 term. As the core of the Chamber, it is essential for members to feel well-represented. The Chamber also extended its thanks to all the candidates who participated and congratulated the newly elected board on their success.

Hossam Heiba, President of the General Authority for Investment and Free Zones (GAFI), said:“The current level of presentation of German companies in Egypt does not accurately represent the strong bilateral relationship between Germany and Egypt. It is therefore our goal to increase the number of German companies operating in Egypt.”

Hossam Heiba highlighted the government's ongoing collaboration with German partners to strengthen investment flows between Egypt and Germany. Despite challenges since 2011, the General Authority for Investment and Free Zones (GAFI) has been steadfast in addressing them.

GAFI's primary objective is to simplify market entry by reviewing laws and regulations to ensure they facilitate, rather than obstruct, investment. The focus has shifted towards effectively enforcing existing laws, rather than introducing new ones.

Additionally, GAFI has made significant efforts to improve the efficiency of import and export processes, accelerating the release of goods and establishing fair competition rules in the private sector to ensure an equitable environment for all stakeholders.

Schulz and Heiba highlighted the importance of the trade and commercial relationship between Germany and Egypt in their speeches.

The members of AHK Egypt have elected the new Board of Directors for the 2024-2026 term, selecting seven representatives for both the Egyptian and German chapters.

In the Egyptian chapter, Ahmed El Sewedy of El Sewedy Electric was appointed Chairman, while other members include Abir Leheta from Egyptians, Mohamed El Banna of El Banna Group, Amir Riad from Bavaria Egypt, Emad Ghaly of SDSmena, Medhat Elaraby from El Araby Group, and Mohamed El-Sheikh of Electro-Mechanic for Energy (EME).

Stefanie Stolz from Mercedes-Benz Egypt was elected treasurer, with Alaa Kamal of INP Egypt serving as Deputy Chairperson. The board also includes Mostafa El Bagoury from Siemens Industrial, Thomas Kufahl of ThyssenKrupp Uhde, Amro Kandil from Siemens Healthineers, Hassan Wardani of Evonik Egypt, and Hatem Ismail from Bayer.

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