07 December 2019 08:04 AM

Sisi attends G20 Compact with Africa

Sunday، 17 November 2019 - 12:29 PM

President Abdel Fattah El Sisi headed on Sunday 17/11/2019 to Berlin to attend the meetings of G20 Compact with Africa.

Germany launched the initiative in 2017 on the sidelines of the meetings of the G20, which groups the biggest economies in the world in order to expand economic cooperation with the African continent and lure investments.

Presidential Spokesperson Bassam Radi said the event aims at boosting economic cooperation between Africa and the G20 member states via joints projects that contribute to more growth in Africa.

During his visit to Germany, Sisi will confer with German Chancellor Angela Merkel on means to boost bilateral ties between Egypt and Germany in the different domains in addition to exchanging points of view on regional and international issues of mutual interest.

Sisi will also meet with senior German businessmen within the framework of Egypt's efforts to encourage investment and boost comprehensive development efforts.

A deal worth 154 million euro will be inked on Tuesday to invest in new and renewable energy, environment protection, hard waste and technical education.

Egypt-Germany relations have achieved a qualitative leap since President Abdel Fattah El Sisi's first visit to Berlin in 2015.

The visit has opened wider horizons for both countries' cooperation to cover new domains, including automotive industry, energy, waste management, digital transformation and animal production fields.

It has also boosted their political consultations on various regional and international issues of common concern.

President Sisi had paid four visits to Germany in 2015, 2017, 2018 and 2019.

Senior Egyptian and German officials also exchanged visits.

German tourists topped foreign visitors coming to Egypt over the past four years, as nearly 1.7 million German travellers visited the country in 2018, exceeding 2010 record; the peak year (1.3 million).

Egypt is Germany's third biggest trade partner in the Middle East as the volume of trade exchange between the two countries broke the record in 2017 to hit €5.8 billion.

Egyptian non-petroleum exports to the German market noticeably increased for the third year successively by 9.4 percent.

The two countries' trade exchange hit €3.012 billion in the first seven months of 2019, recording an increase of 15% compared to the same period of 2018.

About 1,183 German companies are operating in Egypt with total investments of $640.6 million till the end of September 2019.

Egypt tops the German government's priority in offering investment guarantees, a matter which reflects Berlin's trust in the Egyptian investment climate.

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