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Egypt Explores New Prospects for German Investments

Cairo seeks to explore more prospects for cooperation to attract German investments to Egypt (Reuters)
Cairo seeks to explore more prospects for cooperation to attract German investments to Egypt (Reuters)
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Egypt Explores New Prospects for German Investments

Cairo seeks to explore more prospects for cooperation to attract German investments to Egypt (Reuters)
Cairo seeks to explore more prospects for cooperation to attract German investments to Egypt (Reuters)

Head of the General Authority for Free Zones and Investment (GAFI) Mohamed Abdel Wahab said on Thursday that the authority seeks to open new scopes for cooperation with Germany to attract more investments in the country and draw on German expertise, especially in industry and clean energy.

Abdel Wahab made the remarks during a meeting with CEO of the Association of German Chambers of Commerce and Industry (DIHK) Martin Wansleben.

During the meeting, the two officials discussed increasing German investments in Egypt in light of the Egyptian government's efforts to provide an investment-magnet atmosphere and tax privileges to companies operating in the green economy sector, artificial intelligence, and localization of industry.

Abdel Wahab reiterated his keenness on taking part in all investment activities taking place inside and outside of Germany and holding regular meetings with German companies willing to pump money to the Egyptian market.

He said he agreed with Wansleben to form joint working groups to keep in regular contact with German investors to iron out any hurdles facing them.

Wansleben lauded the strategic relations between Egypt and Germany in the economic domain. He praised the economic reforms carried out by the Egyptian government and the measures taken to face the consequences of global crises.

Moreover, the German Ambassador to Cairo Frank Hartmann affirmed that the German-Arab Chamber of Industry and Commerce (GACIC) is a pillar in forming economic ties between businessmen and firms in Germany and the Arab world.

He expressed delight for participating in the 70th anniversary of the GACIC establishment.

The German-Arab Chamber was established in Egypt in 1951. It plays a pivotal role in Egyptian and German business cooperation thanks to the efforts of its more than 2500 members, according to the German Embassy in Cairo.

It is not only a forum to form ties and provide consultations, but is also part of the network of German Chambers of Commerce Abroad (AHKs).

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Japan's Incoming PM Ishiba Calls for Loose Monetary Policy

Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS
Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS
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Japan's Incoming PM Ishiba Calls for Loose Monetary Policy

Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS
Shigeru Ishiba, the newly elected leader of Japan's ruling party, the Liberal Democratic Party (LDP) poses in the party leader's office after the LDP leadership election, in Tokyo, Japan September 27, 2024. REUTERS

Japan's incoming prime minister, Shigeru Ishiba, said on Sunday the country's monetary policy must remain accommodative as a trend, signaling the need to keep borrowing costs low to underpin a fragile economic recovery.
It was not immediately clear whether Ishiba, who had been a vocal critic of the Bank of Japan's past aggressive monetary easing, was taking a more dovish line with his remarks.
“It's something the Bank of Japan, which is mandated to achieve price stability, will decide while working closely with the government,” Ishiba told public broadcaster NHK, when asked about further interest rate increases by the central bank.
“From the government's standpoint, monetary policy must remain accommodative as a trend given current economic conditions,” he said.
On fiscal policy, Ishiba said he will aim to compile a package of measures at an early date to cushion the economic blow from rising living costs, with a focus on helping low-income households.
Ishiba, a former defense minister, is set to become prime minister on Tuesday after winning the presidency of the ruling Liberal Democratic Party on Friday.
After his victory, Ishiba said monetary policy would broadly remain loose but suggested he would not push back against further increases in still near-zero interest rates.
The BOJ ended negative interest rates in March and raised short-term borrowing costs to 0.25% in July in a landmark shift away from a decade-long, radical stimulus program.
BOJ Governor Kazuo Ueda has signaled a readiness to raise rates further if Japan makes progress towards durably achieving the bank's inflation 2% target, as the board projects it will.
Ishiba told Reuters in August that the BOJ was on the “right policy track” by ending negative rates and endorsed further normalization of monetary policy, saying it could boost industrial competitiveness.
But in an interview this month, he said Japan must prioritize making a full exit from deflation and warned of weak signs in consumption.
The yen, which fell on Friday on news that a dovish rival would join Ishiba in a run-off for the LDP leadership, rebounded on his victory.