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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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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)

International Monetary Fund member countries said on Friday that rising trade tensions were sapping growth and fueling uncertainty as well as market and financial stability risks, but reaffirmed their commitment to the institution as critical to helping countries navigate a difficult environment.

In a chair's statement, the IMF's steering committee also reaffirmed prior foreign exchange commitments and voiced support for a realignment of quotas, or shareholding, that better reflects countries' positions in the global economy.

"The world economy is at a pivotal juncture," the International Monetary and Financial Committee (IMFC) said in a statement as the spring meetings of the IMF and World Bank drew to a close. "Following several years of rising concerns over trade, trade tensions have abruptly soared, fueling elevated uncertainty, market volatility, and risks to growth and financial stability."

The message comes at the end of a tense week for policymakers and investors anxious about US President Donald Trump's moves to upend global trade and his commitment to international institutions.

The IMF on Tuesday slashed its economic forecasts for the US, China and most countries, citing the impact of US tariffs now at 100-year highs and warning that rising trade strife would further slow growth. It forecast global growth of 2.8% for 2025, down half a percentage point from its January forecast.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee (IMFC), said the Fund must continue to focus on its core mandates, including expanding trade and growth.

"Addressing global debt vulnerabilities remains a priority for our members, especially for low-income and vulnerable countries," Al-Jadaan told a news conference in Washington.

IMF Managing Director Kristalina Georgieva acknowledged that the raft of current geopolitical flare-ups, especially Trump's push to redesign world trade with a barrage of tariffs, had distracted from discussions about other pressing challenges, including artificial intelligence, in public and behind closed doors.

She said it was encouraging that members had been able to engage in open conversations and share their views "in a fair space," but said she didn't want to minimize the discord.

"I don't want to sugarcoat - we still have quite a challenging time," she said at the news briefing.

Gathering members to talk about Syria had also given a new sense of urgency and purpose to turning a place of conflict into a stable and economically successful country benefiting the region and the world, Al-Jadaan said.

"It is not just about the money, it's about the work that I and other partners can deliver and capacity development, quality data and timely advice."

Al-Jadaan said trade had been the overriding concern during the meetings but he remained optimistic that solutions could be found after a week of candid and frank discussions.

"Actually today, we are holding in a lot better position than when we started the week. People understand the consequences and are working together in a constructive way to resolve tensions," he said.