German Federal Minister for Economic Affairs and Energy Peter Altmaier has revealed that German investments in Egypt have recorded USD 7.1 bn, state-run MENA News Agency reports.

During his meeting with the Egyptian ministers of investments, electricity, and higher education on February 3 at the New Administrative Capital (NAC), Altmaier said that around 1,215 German companies are investing in sectors such as petroleum, chemicals, vehicle manufacturing, communication, and steel.

Germany is keen on pumping more investments into Egypt amid the current legislative and economic reforms implemented by the government, he added, noting that NAC marks a great investment opportunity and opens the way for more binary collaboration between both countries.

For her part, Investment Minister and International Cooperation Sahar Nasr pointed out that these growing investments come as a result of the government’s intense efforts to lure investments into its national mega projects, adding that these investments shall create further job opportunities.