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Nassar meets German ambassador to discuss upcoming joint economic cooperation
13 November 2019  -  Sector :  -  Entity :  -  Category : General

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Trade between the two countries grew substantially during the first 9 months of the year, hitting $3.622 billion.

Cairo- Nov 13, 2019

Minister of Trade and Industry Amr Nassar has held a meeting with Dr. Cyril Jean Noun, the German ambassador in Cairo, where they discussed the future of economic relations between the two countries and other issues of common interest.

"Egyptian-German economic ties are witnessing unprecedented developments during the current stage, especially on the commercial and industrial levels," Nassar said.

He added that trade between the two countries grew substantially during the first 9 months of this year, hitting $3.622 billion, compared with about $3.579 billion a year earlier, with an increase of $43 million.

The minister further pointed out that Egypt possesses a huge industrial base that qualifies it to lead the manufacturing sector in the Middle East and Africa, indicating that there is a big chance for the German car industry to enter and compete in the Egyptian market, especially in the production of gas-powered vehicles.

Nassar stressed the possibility of establishing joint Egyptian-German projects in the field of car components, to meet the needs of the local market and export to the EU as well.

In this context, the German ambassador pointed out that Africa is one of the most promising markets, which is expected to witness an unprecedented boom during the coming period.

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