Trade between Egypt and Germany reaches 5 billion euros

Trade between Egypt and Germany reaches 5 billion euros                                                                       

German Ambassador.. We aim to import hydrogen from Egypt

German Ambassador to Cairo, Jürgen Scholz, stated that Germany aims to import green hydrogen from Egypt over the next two years as part of a debt swap program and as part of Germany's growing interest in green energy projects.

During a press conference held by the embassy today, Scholz added that cooperation between Egypt and Germany is witnessing significant momentum, particularly with regard to the 340 million euro debt swap program. He noted that the two countries are working intensively to support green transformation projects within this program. He stated that his country is providing all forms of support for green hydrogen projects in Egypt, both technically and financially, noting that this interest is at the highest levels.

Scholz noted that the latest debt swap program included the signing of a €54 million agreement to support investments in the electricity transmission grid and connect two 500-megawatt wind energy projects to the national transmission grid: the Neuss Wind Farm and the Ammonite Farm in the Red Sea. These projects are expected to serve approximately two million citizens.

€100 million has also been allocated for other development projects within the debt swap program, and the ambassador continues to work with the Egyptian government to enhance cooperation within the program. Scholz explained that the volume of trade exchange between Egypt and Germany has reached €5 billion, noting that many German companies have expressed their interest in investing in the Egyptian market.

Over the past year since assuming his duties as ambassador in Cairo, the ambassador to Germany has held a series of meetings with a number of German companies to discuss investment opportunities in Egypt and learn about the potential available in the local market. The ambassador commented that the opening of the Bosch electrical appliances factory is one of the most prominent German investments in Egypt recently.

Scholz stressed that German companies are seriously considering investing in Egypt, but the decision to invest depends on market conditions and available facilitating measures, in addition to private sector support. He pointed to Germany's significant support for Egypt in strengthening the role of the private sector. 

He also expected high-level German participation in the opening of the German Museum in Egypt, in addition to upcoming visits at the political and economic levels, recalling the recent visits this year by officials from the states of Bavaria and Saxony, as well as numerous German delegations at all levels.