GACIC secretary general: Egypt is on right track

The Secretary General of the German-Arab Chamber of Industry and Commerce (GACIC) Abdel Aziz al Mekhlafi stressed that Egypt is on the right track.

He further underlined that Germany is keen on bolstering cooperation with Egypt and boosting bilateral ties.

The visit of Egyptian President Abdel Fattah El Sisi to Germany in June gave momentum to bilateral relations, he noted.

In statements to MENA corespondent in Berlin, Mekhlafi said that the Egyptian-German ties are developing, especially with regard to investment and trade exchange, adding that Egyptian exports to the European country recorded an increase during the first half of 2017 by 18 percent, while the German exports to Egypt upped by 15 percent.

He highlighted the importance of the visit of the Head of the Suez Canal Authority (SCA) Mohab Mamish to Berlin where he met with German businessmen and probed partnership and cooperation between both countries.

Mekhlafi affirmed that the Central Bank of Egypt managed to up hard currency reserves to 36 billion dollars.

He said the International Monetary Fund (IMF) expects Egyptian economic growth rate to stand at 6 percent in 2017-2018 which is a positive indicators to German companies operating in Egypt.

Source : Mena