BERLIN,- Egypt needs to strengthen its
rule of law and allow greater religious freedom if it wants to
attract more foreign investment, its top trading partner Germany
said on Monday.
Egypt's improved security after years of turmoil and an
Islamist militancy has helped revive German tourism, German
Economy Minister Brigitte Zypries told a joint news conference
with Egyptian President Abdel Fattah al-Sisi in Berlin.
"Security alone does not promote a vibrant and flourishing
society," Zypries said.
"We believe that stability and growth must be connected with
an open society, with open dialogue, with the rule of law and
religious pluralism."
Political instability and widespread violence in the years
after the toppling of former president Hosni Mubarak in 2011
left Egypt's economy in tatters.
Under President Sisi, the former head of Egypt's military,
the economy has slowly recovered and security has improved, but
the country is still fighting an Islamist insurgency that has
previously targeted major tourist sites, hurting a vital sector.
Sisi did not respond to her comments directly but said Egypt
was keen to encourage investment from Germany's automotive
parts, engineering and renewable energy sectors.
They were speaking before the fourth annual meeting of the
German-Egyptian Joint Economic Commission.
Zypries said Germany was keen to work with Egypt on areas
such as renewable energy and energy efficiency, and had offered
export and investment guarantees to pave the way for more
business deals.
Annual trade between the two countries is worth 5.5 billion
euros and the exports are likely to grow given Europe's positive
economic outlook, Zypries said.
The head of the German Chambers of Commerce and Industry
told the commission that German exports to Egypt were up 50
percent in the first quarter from a year ago.
Egyptian exports to Germany were up 32 percent, Eric
Schweitzer said.
Source: Reuters