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Germany, Tunisia Sign Investment Agreements Worth $1.9 Bn

Germany, Tunisia Sign Investment Agreements Worth $1.9 Bn

Friday, 12 October, 2018 - 14:00
Tunisia- Al Munji Al Saidani
Germany’s Federal Minister for Economic Cooperation and Development Gerd Muller’s visit to Tunisia led to signing five investment agreements worth 1.7 billion euros (about 1.9 billion dollars) between the two countries.

The agreements included fields of employment, dairy industry, tourism and textiles.

They also signed two memorandums of understanding as part of the strong economic support provided by Germany to Tunisia.

Three German institutions, specialized in the manufacture of car cables, are expected to provide 7,450 job opportunities for Tunisian youth and train 260 workers in the automotive industry by 2020 within the project.

Muller pointed out to the strong relations between the two countries, highlighting Berlin's desire to help Tunis in its democratic process and to achieve economic success.

He also highlighted his country's support for Tunisia in its negotiations with the European Union aimed at further opening new opportunities for Tunisian products and commodities in European markets.

Since 2012, Germany, among a number of European creditor countries of Tunisia, has started to emphasize the transfer of part of Tunisia's estimated debt of 60 million euros to funds directed to development projects.

Many other European countries, such as Italy, which converted its debt of 25 million euros ($29 million) to development projects, have also followed its path.

Belgium has also applied the same policy with debt of 10 million euros (11.6 million dollars) and France with 60 million euros (about 69.5 million dollars).

Germany maintains significant economic and trade relations with Tunisia.

Some 250 German institutions operate in Tunisia, providing about 55,000 job opportunities.

In addition, trade between Tunisia and Germany is worth more than 3 billion euros (3.4 billion dollars).

Some 29 German companies have chosen to invest in the automotive component sector, which alone provides about 30,000 jobs.

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