Egypt, Germany probe means of boosting bilateral trade
Egypt-Germany, Politics, 2/23/2000

President Hosni Mubarak stressed the significance of boosting cooperation with Germany for the sake of development whether at the state level or private sector.

He urged Egyptian businessmen to work for exporting Egyptian goods, which enjoy relative privileges to the German markets in order to minimize trade deficit between the two countries.

He indicated that Egyptian-German relations are distinguished and called on businessmen to take the issue of cooperation between the two countries seriously to maintain public interest.

German President Johannes Rau said the establishment of the Egyptian-German Business Council comes in response to an invitation by President Mubarak in February last year for the establishment of a forum for businessmen from Egypt and Germany.

He said our goal is to establish fruitful and successful cooperation between Egypt and Germany. The German President added that the council is a new addition to the activity undertaken by the Egyptian-German Chamber of Commerce.

The two leaders attended the first meeting by the Egyptian-German Business Council after signing the agreement on its establishment.

Ghali Meets Egyptian-German Businessmen

Minister of Economy and Foreign Trade Dr. Youssef Boutros Ghali said on Monday night that his ministry has finalized the new Money Market Law.

"By virtue of the new law more foreign investors will invest in the Egyptian Stock Exchange," Ghali said, adding that the law will also give them more incentives. He expounded that the law will also give access to and departure from the Egyptian market without restrictions.

At the meeting organized by the Egyptian-Arab Chamber of Commerce and Industry and the Federation of Egyptian Industries, Ghali said that foreign investments in Egypt are expected to double in two years to be increased from the current $2 billion to $4 billion.

He added that the increase would be a direct result of the financial reform policies and the propitious investment atmosphere in Egypt.

Rau: ME peace concerns Europe as well

President Johannes Rau of Germany praised as good Egypt's relations with Europe and Germany in particular, expressing satisfaction over prospects of boosting Egyptian-German economic relations.

In an interview with Cologne Radio late on Tuesday, Rau, said Germany offers Palestine some DM 100 million a year, which is almost the same sum given to Israel in 1999.

He voiced belief that Israel, under the government of Premier Ehud Barak, wants peace as much as the Palestinians do. Rau, who visited Israel before heading for Cairo, recalled discussing with Barak the issue of Palestinian refugees, adding that their talks did not touch on the issue of Jerusalem

On Germany's stance vis-a-vis the declaration of the Palestinian state, expected on December 13, President Rau said that the European Union (EU) will, then, probe the issue. He pointed out that the ME peacemaking drive is not of interest only to the countries of the region but to European states as well.

Previous Stories:
  Mubarak meets German president   (2/22/2000)
  Mubarak meets with German president   (2/21/2000)
  German President hails Egypt's role in the region   (2/21/2000)

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