The German government is providing technical and financial assistance to Egypt in promoting technical education and entrepreneurship, as the financial assistance reaches approximately €400m toward technical education in Egypt to promote local industry, Julius Georg Luy, the ambassador of the Federal Republic of Germany to Egypt told Daily News Egypt.
Luy added that Germany is working hard to ensure the technical and financial assistance to Egypt is conducted in a sustainable way that ensures the benefit of grants from the German government.
Regarding the visits of German business delegations to Egypt, the ambassador commented that many small, medium, and big business delegations are interested in investing in Egypt.
“There are many considerations and visits of ministers of economics, such as the visit of Peter Altmaier Federal, minister for economic affairs and energy, early this year, and the visit of the Governor of Central Bank of Egypt to Germany in 2016. This shows the interest of German entrepreneurs in more investments in Egypt,” he added.
Additionally, he pointed out that Egyptian youth have big potential and Germany would like to see more investments in Egypt.
“Therefore, we work very closely with the Egyptian government to create the requirements that are necessary to fulfil the development, which is particularly education. This is most important for many young people who need to be qualified for market needs,” he noted.
The ambassador disclosed that it is important to fulfil a role in industrial production. He said that for industrial production to be competitive on the global level, it requires, very skilled people and new technologies. Thus, Germany is interested in providing theory, technical, and practical skills to its entrepreneurs.
The ambassador highlighted that there is a lot of interest in investing in new cities and in providing German technology to these cities. However, there are many challenges that need to be tackled because German entrepreneurs, who are interested in investing in Egypt, are concerned about local currency and stability issues.
During his speech on the occasion of the end of his term at the end of this month, on the sidelines of the General Assembly of the German-Arab Chamber of Industry and Commerce-AHK on Wednesday, Luy praised the performance of the Egyptian economy, describing it as “on the right track”.