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65. German MP: Rise of Islamic groups will not affect economic relations with Egypt

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Article title: 
65. German MP: Rise of Islamic groups will not affect economic relations with Egypt
Publishers: 
Year: 
2011
Week: 
38
Article number: 
65
Date of source: 
September 20, 2011
Author: 
Heba Habib
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Article summary: 

Two German parliamentarians said Egypt and Germany’s economic relations and trade will not be affected if Islamists win in the parliamentary elections in Egypt this year. They stressing German investors did not from turn away from Egypt after the Egyptian January 25 Revolution despite the instability.

 

Article full text: 

A member of the German parliament Dagmar Vohol said Germany will continue to invest in Egypt, regardless of the political parties that will form the next government. He made these statements exclusively to Youm7.

She noted the German government supports the partnership between the Egyptian and German private sectors to provide employment opportunities and take advantage of investment opportunities available in Egyptian markets.

She added the Group 8 industrialized nations pledged to provide economic support to Egypt to promote democratization in the Middle East, describing Egypt as a pillar of stability in the region.

The German government will also provide facilities to the private sector to create jobs, reduce poverty, provide enabling environment for investment, employment training and mobilization of financial resources to support small projects. They stress German investments in Egypt were not affected by the European debt crisis.

MP Uni Oaten said Germany is keen to continue the long-term partnership with Egypt in economy. He noted economic cooperation between both countries increased following the conclusion of an agreement of economic cooperation between Egypt and the EU.

He added achieving social justice and high rates of economic growth requires the management of natural and human resources effectively in Egypt to maximize economic profit. Egypt has seen a number of positive economic developments during the past few months, notably increase in revenues of the Suez Canal and the resumption of export activities for companies, whether Egyptian or foreign banks operating in Egypt and returning tourism to Egypt.

He pointed out strengthening trade relations between Egypt and Germany will provide opportunities for Germany to take advantage of preferential advantages. They will provided by African commercial entities African affiliated with Egypt, such as COMESA. He pointed out Germany will not place any obstacles for Egyptian exports entering German or European markets.

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