CAIRO – 23 April 2024: Egypt's Minister of Trade and Industry, Ahmed Samir, reported that the trade exchange volume between Egypt and Italy reached $1.5 billion in 2023 during his meeting with Italian Minister of Enterprise, Adolfo Orso.
Minister Samir reiterated the significant role Italy plays as one of Egypt's prominent global economic partners.
Italy's investments in Egypt surpass $3 billion, spanning across 1,288 projects in various sectors that attract foreign direct investment. These sectors encompass industry, agriculture, tourism, services, construction, information technology, and financial services.
Highlighting the substantial potential in Egypt's pharmaceutical industry, Minister Samir emphasized that opportunities worth $4.5 billion exist in active ingredients, vaccinations, and biological medicines. These prospects are expected to attract interest from both Egyptian and Italian companies.
Minister Orso also mentioned collaborative projects between Egypt and Italy, including the Rubiki Leather City project, the Furniture City in Damietta, the solar energy field in Aswan, and the critical raw materials extraction project.
As part of their agreement, both parties have decided to establish officials as contact points to initiate critical raw materials projects between Italy and Egypt. Additionally, an Italian sovereign fund exclusively dedicated to raw materials has been established.
Furthermore, efforts will be made to enhance cooperation between the Italian Trade Authority and the Egyptian Commercial Representation Authority, with a focus on facilitating the internationalization of both Italian and Egyptian companies.
To foster greater collaboration, joint seminars and workshops will be organized in Egypt and Italy, aimed at strengthening cooperation between companies from both nations in the fields of commerce, industry, and investment.
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