Deputy Prime Minister discusses with the ambassadors of Germany and India ways to enhance economic cooperation

Economic cooperation between countries represents one of the basic pillars of supporting sustainable development efforts, as it contributes to exchanging experiences, enhancing investments, and expanding the horizons of partnerships that driveeconomic growth. This cooperation also provides greater opportunities to develop the productive and service sectors, thus enhancing the competitiveness of national economies and achieving economic integration that reflects positively on development paths.

The importance of economic cooperation goes beyond achieving direct financial gains, to include supporting the social dimensions of development through creating job opportunities, building human capabilities, and improving the level of services and infrastructure.

Hence, strengthening international economic partnerships becomes an effective tool for achieving a balance between economic growth and social justice, consistent with the Sustainable Development Goals (SDGs) and enhancing comprehensive development opportunities.

Enhancing economic cooperation between Egypt and Germany

In this context, Dr. Hussein Issa, Deputy Prime Minister for Economic Affairs, held a meeting with Ambassador Jürgen Schulz, German Ambassador to Cairo, to discuss ways to enhance economic and development cooperation between the two countries, in light of the extended partnership that brings together Egypt and Germany as one of Egypt’s largest European development partners. Stressing the importance of expanding areas of cooperation to support economic development efforts and enhance joint investments.

He also pointed out that the cooperation portfolio between the two countries includes a number of vital sectors, including energy, water, sanitation, irrigation, and solid waste management, in addition to supporting the competitiveness of the private sector. He also reviewed the“Investment for Employment initiative” implemented by the German Development Bank KfW to support investment projects capable of creating job opportunities in sectors such as construction, metal and electrical industries, food industries, transportation, logistics, information technology, and the hotel and hospitality sector.

Supporting the green transition

In a related context, the meeting discussed the joint Egyptian-German debt swap programme, which represents one of the mechanisms supporting efforts to transition towards a green economy and promote sustainable development. The Deputy Prime Minister pointed out the importance of this program in directing resources towards priority development projects that support the efficient use of resources and advance the path of economic development.

The possibility of launching additional phases of the program aimed at supporting energy efficiency in the industrial sector was also discussed, in addition to expanding green hydrogen projects and technical education, in a way that contributes to supporting sustainable industrial transformation and enhancing qualified human capabilities to keep pace with the requirements of the green economy.

New horizons for economic cooperation with India

On the other hand, Dr. Hussein Issa met with Ambassador Suresh K. Reddy, Ambassador of India to Cairo, where the two sides confirmed the depth of historical relations between the two countries and the remarkable development they have witnessed over the past years, especially in the economic, trade and investment fields. Noting the Egyptian government’s keenness to strengthen bilateral cooperation frameworks and open new areas for economic partnership.

He also pointed out that Egypt’s accession to the BRICS group opens broader horizons for enhancing economic and development cooperation with India, and exploring new investment opportunities that support economic integration and exchanging experiences between the two countries in a number of vital sectors.

Investment opportunities in the Egyptian market

In this context, during the meeting, the Deputy Prime Minister reviewed the government proposals program being implemented, within the framework of the state’s efforts to restructure economic bodies and state-owned companies, maximize the use of assets, and attract more local and foreign investments. He explained that the program includes offering shares in a number of major institutions and companies in multiple sectors.

These sectors also include banking, finance, energy, infrastructure, and logistics services, in addition to the insurance and pharmaceutical industries, providing promising opportunities for international investors to enter the Egyptian market through public offerings or strategic partnerships, with an invitation extended to Indian companies to participate in this program.

Technology and capacity building are a focus for future cooperation

Within the framework of exploring future areas of cooperation, the meeting discussed opportunities to enhance cooperation between Egypt and India in the fields of innovation, technology and digital transformation, in addition to supporting emerging companies and enhancing cooperation between the innovation systems in the two countries, which contributes to supporting the knowledge-based economy and stimulating growth in the technological sectors.

Dr. Hussein Issa also praised the existing cooperation in the field of capacity building and training of government cadres through the Indian Technical and Economic Cooperation (ITEC) program, which contributed to the training of a number of Egyptian cadres, with the aspiration to expand this cooperation to include more training programs and joint workshops, in addition to examining opportunities to provide postgraduate scholarships in Indian universities.

In conclusion, these meetings constitute an integrated model of international cooperation that combines the social, economic, and environmental dimensions, as they included enhancing investment, opening markets, supporting green transformation, energy efficiency, innovation, and building human capabilities. Egypt’s cooperation with Germany focused on vital sectors, “investment for employment” initiatives, and green debt swap programs, while cooperation with India opened horizons for technology and digital transformation, promoting emerging companies, and expanding investment opportunities within government proposal programs.

For its part,The Earth Guards Foundation appreciates Egypt’s commitment to achieving Sustainable Development Goals (SDGs), especially decent work and economic growth, quality education, industry and innovation, and clean energy, in addition to strengthening international partnerships, which represent a major driver for achieving economic and social integration.