Trade Minister, German-Arab Chamber of Industry Examine Future Coop OpportunitiesSource: www.export-egypt.com 11/8/2023, Location: Africa |
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Minister of Trade and Industry, Ahmed Samir, met with Jan Noether, CEO of the German-Arab Chamber of Industry and Commerce (AHK) to examine opportunities to enhance economic cooperation between Egypt and Germany in various commercial, industrial and investment sectors for the coming months.
The two discussed the trade minister’s recent visit to Berlin, where he met with German officials and business leaders. They also discussed ways to promote investment opportunities in Egypt to German companies, particularly in food security, pharmaceutical manufacturing, and fertilizer and agricultural nutrition. Highlighting the Egyptian government's commitment to strengthening bilateral relations with Germany, Samir pointed out the various incentives that Egypt offers to foreign investors. The trade minister explained that the Egyptian government has implemented a distinctive package of incentives to attract investments, particularly from Germany, which include tax exemptions and reimbursing a percentage of the price of industrial land purchased if the project is completed within 18 months from the start of construction. Samir also pointed out the Golden License, a one-stop single approval license to enable investors to acquire or lease land to establish and operate on without additional state approvals, facilitating new investment flows. He also mentioned the other benefits and opportunities available in the Egyptian market, highlighting its large consumer base of 105 million citizens and ease of access to regional markets through free trade agreements. Noether stressed the importance of Egypt to Germany as a key partner in the Middle East and Africa, noting the recent increase in mutual visits between officials and business representatives from the two countries, which reflects their extensive bilateral relations. The AHK head praised Samir's meetings with the German Automobile Manufacturers Association, the German Association of Small and Medium Enterprises. He said that these meetings helped to outline the advantages of investing in Egypt for German investors and to promote the incentive packages offered by the Egyptian government. As a result of these meetings, a number of German companies have expressed interest in starting investment projects in Egypt in various fields. During the meeting, Samir highlighted his ministry’s efforts to mitigate the impact of the past few years, including the pandemic’s disruption of global supply chains, driving the ministry to analyze the structure of Egyptian imports to determine how to ensure the local industry’s requirements to maintain production and exports. |
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