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Egypt-Germany trade exchange hits €5.1B in 2021

Egypt-Germany trade exchange hits €5.1B in 2021

Arab Finance: Trade exchange between Egypt and Germany amounted to €5.1 billion in 2021, Egyptian Minister of Trade and Industry Nevine Gamea said on June 22nd on the sidelines of the Arab-German Business Forum.

German investments in Egypt stood at $2.9 billion, Gamea noted, adding that the government is keen to attract further investments into the automotive industry, the energy sector, recycling, and digital transformation.

The minister also mentioned the high-speed rail contract signed with Siemens, under which the sixth-largest high-speed train network will be built in Egypt to link 60 cities through three main lines extending over 2,000 kilometers.

The Egyptian government has been able to achieve positive growth rates that exceeded 6% even though the global economy is facing unprecedented challenges due to the Covid-19 pandemic, along with the ongoing Russian-Ukrainian war, she highlighted.

Moreover, Gamea said that Egyptian exports hit their highest in 2021, recording $32.4 billion.

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