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Egypt’s Ministry of Trade and Industry has signed an MoU with the German-Arab Chamber of Industry and Commerce (GACIC) to open an office for the chamber in Cairo. It was signed during Minister of Trade Nevin Gamea’s visit to Berlin on the sidelines of the 25th Arab German Business Forum organized by the chamber and attended by around 600 Arab and German businessmen. The MoU, is valid for five years.
The chamber will play an important part in creating direct communication between businessmen and the business community on both sides as also with neighbouring countries.
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The proposed activities of the chamber will include communicating with the corresponding Egyptian institutions, government agencies, and the Egyptian business community to establish channels of communication at the commercial and investment levels between the two countries. The volume of trade exchange between Egypt and Germany aggregated to US$ 5.7 billion in 2021. German investments in Egypt currently are the US $2.9 billion.
