German firms to boost investments in Egypt

German companies are looking forward to pumping more investments into Egypt, the head of the Arab-German Chamber of Commerce and Industry said.

The economic reforms adopted recently by Egypt has placed the country on the investment map after the state of unrest which prevailed the country from 2011 to 2013, said Peter Ramsauer, who accompanied a visiting German business delegation.

During a meeting with a number of reporters late Wednesday, Ramsauer said he told German Chancellor Angela Merkel and Minister of Economics and Energy Sigmar Gabril that he is confident that Germany can start economic cooperation with Egypt.

Ramsauer had talks with caretaker Premier Ibrahim Mahlab as well as caretaker ministers Mounir Fakhry Abdel-Nour of trade, Ashraf Salman of Investment, and Khaled Hanafy of Supply.

The delegation visited the New Suez Canal and had talks with Suez Canal Authority Chairman Mohab Mameesh who posted them on East Port Said development plan, he said, underlining German businessmen interest in doing business in this area.

He lauded the recent economic reforms in Egypt, especially the civil service law, noting that Egypt still needs more reforms.

He highlighted the importance of putting into effect laws granting needed freedom for businessmen to encourage investment.

The German delegation represented 40 companies operating in several domains, including machines, engineering, construction, water treatment, education, health, chemicals, aviation and vocational training.