The direct German investments in Egypt rose by 225% last year to hit $1.3 billion compared to $400 million in the fiscal year (FY) 2003/2004, German ambassador in Cairo Julius Georg Luy stated Wednesday. Luy mentioned that confidence of German investors in the Egyptian economy has been deepened recently which reflected on the growth of economic cooperation between the two countries. He expected that the Egyptian economic reform would extend to cover the banking sector, services, reconstruction, tourism, insurance services saying that German companies would benefit from the development of services sector. During a press conference held at the headquarters of the German Embassy in Cairo, Luy said "Egypt is facing many political, economic and social challenges recently as well as internal threats including terrorism and daily attacks against police, soldiers and civilians."
