A business delegation will visit Italy to promote investment opportunities in the Egyptian market.
Minister of Trade and Industry Tarek Kabil met today with the new Italian ambassador to Egypt, Giampaolo Cantini, to explore means of boosting mutual trade and investment, especially after months of tension between the two countries.
In addition to a number of issues of common interest, the meeting discussed bilateral cooperation in manufacturing, given that Italy offers technical support to many Egyptian industrial projects, including Robeiki leather and Damietta furniture cities.
"Italy is one of Egypt's top trade partners in Europe," Kabil said during the meeting, pointing out that bilateral trade has witnessed a significant rise recently, reaching € 2.594 bln in the first half of the year, up 13.9% from the same period last year.
He stressed the need to revive the Green Trade Initiative, funded by the Egyptian-Italian Debt Swap for Development Program, which aims at developing the Egyptian agro-industry and increasing its exports to European markets via Italy.
Kabil added that he will visit Italy during the coming period, heading a business delegation, to promote investment opportunities in the Egyptian market, notably in the textile, leather and auto sectors.
Giampaolo, for his part, lauded the recent economc reforms carried out by the government, saying that Egyptian industry could well benefit from the Italian expertise, being Europe's second biggest industrial base after Germany.