Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Egypt, Germany Sign Protocol to Boost Economic Partnership

Egypt, Germany Sign Protocol to Boost Economic Partnership

Tuesday, 5 February, 2019 - 14:15
Part of the activities of the fifth Egyptian-German Business Forum in Cairo on Monday, February 4, 2019. Asharq Al-Awsat
Cairo- Asharq Al-Awsat
A joint protocol to boost economic partnership in the fields of industry, trade policies, investment, energy, environment, transport, infrastructure and tourism was signed Monday between Egypt and Germany.

The protocol was signed by Egypt's Minister of Trade and Industry Amr Nassar and German Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Energy Thomas Bareis during the fifth meeting of the joint economic committee.

It states enhancing bilateral cooperation through exchanging information pertaining to investment with the aim of increasing German investments in Egypt and making use of Germany's expertise, Nassar said.

The two sides will also upgrade investments at the Suez Canal Corridor and in vocational training and technical education, improve the investment atmosphere and logistics, establish harbors and manage industrial zones, Nassar added.

According to a press statement by the Ministry of Trade and Industry, both sides agreed to strengthen joint cooperation in the fields of customs, training, rules of origin, information technology, market control mechanisms, foodstuffs and agriculture.

The two sides will also promote cooperation in botanical crops research, animal production, protection of plants and research related to agricultural engineering, food technology, veterinary health, soil, water and the environment, the statement explained.

The protocol, according to Nassar, also included cooperation in energy and low carbon emissions through collaboration in renewable energy fields, environment protection, climate change, and energy-related infrastructure as well as oil and gas exploration, petroleum refining, petrochemicals, and mineral resources.

Notably, Nassar and Germany's Federal Minister of Economic Affairs and Energy Peter Altmaier chaired the fifth session of the Joint Economic Committee between Egypt and Germany.

It was attended by Bareis and German Ambassador to Cairo Julius Georg Luy in addition to a number of representatives for leading German companies that are currently visiting Egypt.

The Minister asserted the importance of enhancing joint action between Egypt and Germany at the economic, trade and investment levels not only at the bilateral level but also in third markets, especially that of Africa.

Editor Picks