EGYPT – A delegation of the German-Arab Chamber of Industry and Commerce (AHK) and the Bavarian Ministry of Economic Affairs, Regional Development and Energy has announced plans to open a business representation office in Cairo in 2020 in Cairo.
The office, according to the delagation’s Head Roland Weigert, will work on boosting cooperation and business relations between the two countries, said State Secretary, head of the delegation to Egypt.
During their visit, the Bavarian companies got the chance to meet with Egyptian authorities, have business to business (B2B) meetings with Egyptian companies, carry on-site visits, and develop a functional plan in economic cooperation between Egypt and Bavaria.
Through the partnership Egypt will have an opportunity to export raw materials to and in exchange, Bavaria is going to provide modern solutions to Egypt to modernise industry and expand infrastructure.
Bavarian companies agreed to supply their Egyptian counterparts with engineering solutions including machinery.
Moreover, Weigert noted that the Bavarian companies have a great desire to have a sustainable and long-lasting relationship with Egyptian companies.
Egyptian economic indicators have been improving since the government of Abdel Fattah Al-Sisi took power and started implementing an economic road map to help Egypt recover from the 2011 political crisis that nearly brought one of Africa’s largest economies to its knees.
With the cooperation with the International Monetary Fund (IMF), Egypt has since developed a comprehensive economic development programme and has made great strides in achieving micro economic development as well as increase exports.
Germany has for a long time been an important economic partner to Egypt and Egypt’s commercial office in Berlin is one of the most active offices all over the world due to continuous cooperation and visits between the two countries.
The recent delegation from Germany and plans to open a new AHK office in Cairo is testament that the country’s efforts to become an investment destination of choice is finally bearing fruits.