Dr. Abdel Aziz El-Sherif, First Undersecretary and Head of the Egyptian Commercial Service, participated in the event organized by the German Embassy. The gathering included representatives from the German Federal President's Office, the Federal Ministry for Economic Affairs and Climate Action, the German-Arab Chamber of Industry and Commerce (AHK), and a delegation of senior German business executives and investors.
During the meeting, Dr. El-Sherif reviewed bilateral
economic and investment relations and detailed the Egyptian government’s
current strategy to attract foreign investment. He noted that Egypt has
implemented extensive economic, legislative, and structural reforms in recent
years, which have bolstered macroeconomic stability and improved the business
environment, making it one of the most appealing investment destinations in the
region.
He affirmed that German investments in Egypt exceed $3
billion, with over 1,000 German companies operating in diverse sectors, notably
manufacturing, energy, telecommunications, and transport. He highlighted
notable successes, such as the opening of the Bosch Group factory in the 10th
of Ramadan City with investments of approximately $64 million, manufacturing
household gas appliances and exporting 50% of its production to African and
Middle Eastern markets.
The Head of the Egyptian Commercial Service also addressed
the delegation, emphasizing Egypt's competitive advantages for investors. These
include low production costs, a qualified and cost-effective labor force, and a
network of free trade agreements that grant direct access to the markets of the
European Union, Africa, and the Middle East, along with diverse investment
incentive packages.
In conclusion, Dr. El-Sherif urged German business leaders
to boost their investments in Egypt and capitalize on its strategic position as
a gateway for trade between Europe and Africa. He confirmed the readiness of
the Egyptian Commercial Service to provide full support to facilitate the
operations of German companies in the Egyptian market.
Trade Plenipotentiary Alaa El-Bialy, Director of Investment Promotion Affairs, and Commercial Counsellor Mohamed Helmy, Director of the Institutional Development, Media, and Communication Unit at the Egyptian Commercial Service, also attended the meeting.