Rainer Herret, CEO of the German-Arab Chamber of Industry and Commerce, says that German investments in Egypt, mostly in the oil and gas sector, are estimated at $6 billion.
Herret in his remarks to Egypt-based Youm7 adds: “German companies are greatly interested in investing in the renewable energy projects in Egypt during the coming period.”
“The Egyptian market has promising growth opportunities in the field of renewable energy, especially after the introduction of the Electricity Law and reduced energy subsidies, but the currency crisis is still one of the challenges investors fear.”
He stresses that the commercial exchange between Cairo and Berlin is expected to reach $4.3bn by the end of this year. This includes Egyptian exports to Germany – mostly of vegetables, fruits and oil – and range between $1.4bn and $1.6bn, while passenger cars and industrial equipment form the majority of German exports to Cairo.
Herret adds that the trade volume between the two countries reached $3.4bn in the first nine months of 2015.
(US$1 = AED3.67, at the time of publishing)