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Egypt Explores New Prospects for German Investments


Asharq Al-Awsat


Head of the General Authority for Free Zones and Investment (GAFI) Mohamed Abdel Wahab said on Thursday that the authority seeks to open new scopes for cooperation with Germany to attract more investments in the country and draw on German expertise, especially in industry and clean energy.
Abdel Wahab made the remarks during a meeting with CEO of the Association of German Chambers of Commerce and Industry (DIHK) Martin Wansleben.
During the meeting, the two officials discussed increasing German investments in Egypt in light of the Egyptian government's efforts to provide an investment-magnet atmosphere and tax privileges to companies operating in the green economy sector, artificial intelligence, and localization of industry.
Abdel Wahab reiterated his keenness on taking part in all investment activities taking place inside and outside of Germany and holding regular meetings with German companies willing to pump money to the Egyptian market.
He said he agreed with Wansleben to form joint working groups to keep in regular contact with German investors to iron out any hurdles facing them.
Wansleben lauded the strategic relations between Egypt and Germany in the economic domain. He praised the economic reforms carried out by the Egyptian government and the measures taken to face the consequences of global crises.
Moreover, the German Ambassador to Cairo Frank Hartmann affirmed that the German-Arab Chamber of Industry and Commerce (GACIC) is a pillar in forming economic ties between businessmen and firms in Germany and the Arab world.
He expressed delight for participating in the 70th anniversary of the GACIC establishment.
The German-Arab Chamber was established in Egypt in 1951. It plays a pivotal role in Egyptian and German business cooperation thanks to the efforts of its more than 2500 members, according to the German Embassy in Cairo.
It is not only a forum to form ties and provide consultations, but is also part of the network of German Chambers of Commerce Abroad (AHKs).

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