Egyptian economy has strong bases
Egypt, Economics, 8/21/2001

German Trade and Commercial Counsellor in Cairo Mathias Von Polenz underlined the importance of pegging part of the Egyptian pound dealings and foreign reserve to a basket of hard currencies such as the Euro and not counting only on the US dollar, a matter which has great impact on the prices of Egyptian commodities and services exported to Europe.

Polenz asserted that the more the Egyptian economy opens to the global market, the stronger it becomes, adding that Egypt enjoys a growth rate exceeding those of most ME countries.

One of the major problems facing Egypt at present is unemployment, Polenz said, noting that Germany is supporting the Egyptian government in overcoming this problem.

He referred to Mubarak-Kohl project as an example of constructive technical cooperation applied to many private sector's firms and plants in Egypt.

Polenz also pointed to another Egyptian-German training programme which is being implemented with a major Egyptian company in the field of petrochemicals industry in Ein Al-Sokhna.

The programme aims at training 1200 youth for 2 to 5 years, he added.

Polenz also referred to investment spheres between Egypt and Germany such as tourism where some 786,000 German tourists had visited Egypt last year.

The two countries also cooperate in various fields including electronic industries, IT, communications, chemicals, pharmaceuticals and fertilizers industries whose products are being exported in big quantities to the COMESA and Arab countries. they are considered one of the most important domains of investment cooperation between Egypt and Germany, Polenz said.

He added that ready-made clothes and oil came on top of the German imports from Egypt.

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