German delegation of 16 companies will visit Egypt to study investment opportunities in the market next week, according to Jan Noether CEO of German-Arab Chamber of Industry and Commerce-AHK.
Noether told Daily News Egypt that the delegation includes Germany’s largest textile machinery manufacturer.
He explained that the German companies specialise in the manufacture of machines for all stages of textile production, whether printing or dyeing, textile and others.
Additionally, Noether pointed out that the delegation will arrive on 25 November and is scheduled to meet with Egyptian companies working in the field of spinning and textiles.
He predicted the arrival of several trade delegations from Germany, during the next year, with a strong focus on some industrial sectors.
Noether praised the efforts exerted by the Egyptian government to stabilise prices and achieve sustainable growth of the Egyptian economy.
He pointed out that the Chamber is working to support the economic relations between Egypt and Germany, and provide economic and industrial information and the adoption of industrial or operational networks, in addition to providing a variety of services to link individual business interests of Egyptian companies with those in Germany.
Last year, trade exchange between the two countries reached €5.814bn, compared to €5.568bn in 2016, an increase of 5%, making Egypt the third largest trade partner for Germany in the Middle East after the UAE and Saudi Arabia.
Moreover, German investments in Egypt currently amount to $641m in 1,107 projects in the fields of industry, services, agriculture, construction, communications, information technology and finance. Egypt’s total investment in Germany is $35.5m in finance, medicine, furniture, medical equipment, tourism and trade.