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German cabinet approves strategy to improve competitiveness abroad

Xinhua, October 5, 2016 Adjust font size:

The German cabinet on Wednesday approved a strategy paper to support German companies in competition for international projects more effectively.

"With the measures adopted in the cabinet, we are strengthening the competitive position of German companies in major strategic projects abroad," German Vice Chancellor and Economy Minister Sigmar Gabriel said.

"Therefore, we will coordinate better within the government, as well as between the government and industry, and focus the existing financial support even more on the needs of German companies," he added.

As the strategy paper showed, a new coordination office with an officer at the head of the center should better coordinate projects in the strategic interest of the German government, while the existing foreign trade promotion instruments should be better exploited.

With help of German state-owned development bank KfW, the German government also wants to improve financing instruments for strategically relevant projects, and will intensify international initiatives such as Basel III and Basel IV and develop export credit requirements with China. Endit