Statement by H.E. President of the Arab Republic of Egypt Abdel Fattah El Sisi at the Egyptian-German Economic Committee meeting
Tuesday، 13 June 2017 - 11:27 AM
Ladies and gentlemen,
Allow me in the beginning to thank the German government and the Ministry of Economy and Energy for organizing the activities of the economic forum with the participation of several Egyptian and German companies as a new evidence of the strong and distinguished relations between Egypt and Germany which have seen remarkable momentum over the past few years.
I would like also to laud keenness by the Egyptian and German sides on upgrading economic and trade relations between the two countries through organizing the activities of the joint economic committee where the minutes of its fourth session will be signed after a short time.
Trade relations between the two countries are very much progressing where the value of trade exchange hit in 2016 5.5 billion euros. Also, the volume of Egyptian exports to Germany increased from January to March 2017 by 31 percent to record 329.5 million euros against 250.7 million euros in the same period last year. Also, Egyptian imports from Germany increased by 46.8 percent over the first three months of this year to hit about 1.5 billion euros against one billion euros from January to March in 2016. Germany is one of the most important exporters of machines and equipment along with raw development material to Egypt.
More, German and other foreign companies operating in Egypt are achieving high profits given the fact that Egypt provides high-revenue investments. Several German companies are expanding their activities in Egypt and they did not quit the Egyptian market since 2011 until today where up to 948 German companies are operating inEgypt at total investments hitting more than 2.6 billion euros. The Egyptian government is exerting all efforts to solve any problem facing some of these companies in a prompt and decisive way.
Ladies and gentlemen,
Egypt is exerting strenuous efforts to overcome all economic, political and security challenges facing it and affecting the Egyptian economic performance. We appreciate on this score the support which we receive from our traditional European countries atop of which comes Germany.
The Egyptian government has launched a comprehensive economic reform program that is aimed at handling all financial and structural challenges and attracting more investments through simplifying investment-related measures and extending more incentives to support local and foreign investment. The government has issued the unified investment law and expanded investment guarantees and laws governing industrial permits. Other policies and measures were adopted to show keenness of the Egyptian government to augment the benefit from the private sector and enhance cooperation with other world countries in a way that contributes to achieving real and comprehensive development for upgrading the levels of employment and the rates of growth and exports.
The unprecedented economic decisions in November liberalizing the exchange rate and reducing subsidy while the Egyptian people were fully understanding these decisions drove home to the world that economic reform in Egypt is an irrevocable political and popular will.
An agreement with the International Monetary Fund, that was reached within the ambitious economic reform program carried out by Egypt, attested that the Egyptian economy is moving along the right path and that this economy will forge ahead on solid and strong bases and that Egypt needs support from our partners in the European Union, atop of which comes Germany with its major companies in the fields of industry and technology.
Ladies and gentlemen,
Egypt enjoys several investment privileges atop of which comes the big and promising market with a high population of around 93 million people. Also, Egypt is a gateway for a big regional market in the Arab world and African continent reaching around 1.6 billion people that is expected to hit two billion people through reaching several free trade agreements with the countries of the COMESA and other African groupings together with the wide Arab trade zone, the European Union and the MERCOSUR.
Also, the State is carrying out a number of mega projects that provide promising investment opportunities in several domains atop of which come the projects of developing the Suez Canal zone and upgrading the national roads network and setting up the new administrative capital together with establishing eight new cities and other major power generation projects. Such projects show keenness of Egyptto achieve a real progress in its economic process in cooperation with its partners.
More, a national auto manufacture strategy is underway where Egypt is opening its doors for the German companies operating in this field to benefit from the privileges offered by this strategy.
Egypt is also planning to enhance cooperation with the German side in the fields of sustainable development such as wind and solar energy. The Egyptian government is encouraging investments particularly in this sector.
We urge the German companies to increase their investments in Egypt and set up German industrial zones in some promising sectors such as auto parts and medical supplies along with engineering industries and information and telecommunication technology. We confirm that we are looking forward to benefiting from the experience of the German companies in the fields of technical training for Egyptian industrial cadres to meet the needs of the industrial sector through upgrading their industrial and technical skills by applying technical cooperation projects similar to that carried out by Siemens Company in Egypt.
Our vision on enhancing the Egyptian economy includes also turning Egypt into a regional and international center for power generation, transfer and distribution to Europe in general and to Germany in particular taking into consideration the recent massive natural gas finds in the Mediterranean and North Delta with these fields starting production so that Egypt will be a natural gas exporter by the year 2020.
Ladies and gentlemen,
In conclusion, I would like to laud the German presidency of the G20 for this year and to express our great appreciation for the Partnership with Africa Initiative that is aimed at improving the conditions of sustainable development for the private sector and investment in infrastructure and improving as well the rates of employment in African countries. This would eventually provide several development opportunities for African countries and enhance our confidence in the future which we build together with our minds and hands to carve out a better future in which our peoples would enjoy progress and prosperity along with peace and security.