Italian COFRA invests €10M in Egypt to establish a new factory

CAIRO – 2 November 2023: The Italian company COFRA safety footwear will establish a factory in Egypt. The company plans to invest 10 million euros in this venture, this is announced during a meeting between the Minister of Trade and Industry, Ahmed Samir, and the Director of Industrial and Logistics Development of COFRA, Michele Tricari.

Samir stated that the factory will be located in Robbiki Leather City, which is known for its expertise in leather tanning and manufacturing.

To further enhance trade between Egypt and Italy, the Egyptian Ministry of Transport is collaborating with the Trade Ministry to operate a RoRo line connecting the ports of Damietta and Alexandria in Egypt to the port of Trieste in Italy. This initiative aims to facilitate trade and reduce the transportation time for Egyptian goods to Europe.

Earlier this year, The Central Agency for Public Mobilization and Statistics (CAPMAS), said that the trade volume between Egypt and Italy increased in 2021 by 29 percent to reach $5.8 billion compared to $4.5 billion recorded in the previous year.

Moreover, Italian investments in Egypt increased by 40.3 percent during Q1 of FY 2021/22, reaching $448.8 million.