CAIRO - 17 July 2022: Trade exchange between Egypt and Germany during 2021 amounted to about $6.05 billion, compared to $5.573 billion in 2020, according to head of the General Federation of Chambers of Commerce, Ibrahim El-Araby.

 

El-Araby received the report of the advisors' committee on the development of Egyptian-German economic relations to discuss all joint trade and investment opportunities, following the decline in German imports from the Russian and Ukrainian markets.

 

He explained that the depth of the political and economic relations between the two countries, which extends for seventy years of cooperation, was behind the continuous interest in seizing all opportunities to develop the economic partnership.

 

El- Araby added that the number of German companies operating in Egypt amounts to about 1,180 companies, with a total investment value of $7.1 billion in the energy, railways, industry and tourism sectors.

 

Germany is a major partner in the infrastructure development revolution in Egypt, where German companies are implementing projects worth $33 billion in the energy and railway sectors, in addition to the Egyptian government's signing of a 15-year contract to manage the new railway system with the German Railways Authority.

 

Al-Araby had issued assignments to prepare a comprehensive report on Egyptian-German trade relations, opportunities to increase trade exchange, joint investments, and opportunities for Egyptian products in German markets, following the expected decline in Germany's imports from Russia and Ukraine, on the sidelines of President Abdel Fattah El-Sisi's visit to Germany, which extends over the 17th and 18th of July, to provide accurate information with the aim of increasing trade exchange and joint investments between the two countries.