Minister of Industry Engineer Khaled Hashem, held a meeting with the German Ambassador in Egypt Jürgen Schulz to discuss ways to enhance industrial cooperation between the two countries in sectors of common interest. The meeting was attended by Dr. Ahmed Maghawry, Assistant Minister for International Cooperation, and a number of ministry leaders.
The Minister emphasized the importance of the strong relations between Egypt and Germany in enhancing economic and industrial cooperation between the two countries and expanding it to broader horizons that benefit both nations. Hashem stated that German companies possess extensive experience in engineering industries, particularly machinery, automobiles and their components, and pharmaceuticals.
These are among the seven priority industries recently identified by the Ministry of Industry in its strategy, and Egypt can benefit from their expertise in technology transfer and localization within Egyptian industry. Minister of Industry Engineer Khaled Hashem pointed out the necessity of encouraging German companies, especially small and medium-sized enterprises (SMEs), to take advantage of the current investment opportunities in Egypt.
The Minister indicated the possibility of organizing a trade mission in cooperation with the German Embassy in Cairo and the German-Arab Chamber of Industry and Commerce. This mission would include German companies interested in investing in Egypt, allowing them to explore opportunities for new investments.
He further noted the potential for forming a joint working group from the Ministry and the Embassy to monitor cooperation between the two sides. Hashem added that Egypt recently updated its National Automotive Industry Development Program, which offers a comprehensive package of benefits and incentives to car manufacturers and their supporting industries.
These incentives include increased added value, higher investments, environmental and tax incentives, and export incentives. Khaled Hashem emphasized the importance of German car and component manufacturers taking advantage of these incentives, particularly since the largest share of incentives and market quotas will be awarded to the first companies to initiate local manufacturing and successfully meet the program's requirements.