Egypt, Germany sign 2 cooperation protocols

Egypt and Germany signed Monday two cooperation protocols, worth 235 million dollars. 

The first protocol, worth 150 million dollars, aims to train 250 engineers and technicians in Germany within ten years.

Germany will bear the whole cost in cooperation with ''Long Live Egypt'' fund and the Trade Ministry. 

The second protocol aims to establish a solar park in Aswan, with a total cost reaching 85 million dollars. 

Speaking at the third session of the Egyptian-German economic committee on Monday, Trade and Industry Minister Tarek Qabil underlined the importance of these protocols in light of the measures taken by the government to develop industry and lure more investments to Egypt.

A draft law was issued to facilitate measures related to issuing licences for industrial establishments, he added. 

The government is working now to issue a new draft for labor law in order to restore definition of rights and duties of employees and employers, he said. 

He further said that a plan is underway to draw up a plan to merge the informal economy in the national economy through providing several legal and legislative incentives. 

The government started to notice the positive outcome of the efforts which were exerted over the past period, he said, pointing out to the remarkable increase in the foreign investment rates during last fiscal year 2014-2015, which reached 6.4 billion dollars.

He further hailed efforts exerted by the Egyptian and German businessmen to establish a fruitful economic cooperation.