Egypt, Italy trade ups 13.9% in 1H, investment reaches $2.7B

CAIRO – 16 November 2017: Bilateral trade between Egypt and Italy hiked 13.9 percent in the first half (1H) of 2017 to stand at €2.59 billion ($3.05 billion), up from €2.27 billion in the same period last year, Minister of Industry and Foreign Trade Tarek Kabil announced Thursday.

During a meeting with new ambassador of Italy in Cairo, Giampaolo Cantini, Kabil noted that Egyptian exports to Rome jumped 25 percent to amass €995 million in 1H 2017, compared to €796 million, according to a statement issued by the ministry.

Stating that bilateral trade recorded €3.7 billion in 2016, Kabil announced that Italy is investing $2.7 billion in 1,015 projects in the fields of industry, tourism, agriculture, construction, communication technology and financial services.

The pairs discussed in the meeting methods of increasing economic trade and investment relations.

Kabil announced that he will visit Rome in the upcoming period, heading a delegation of Egyptian businessmen to promote investment opportunities in Egypt in light of newly-introduced measures to facilitate business deals.

“The visit will mainly focus on promoting automotive, textile and leather sectors,” he said.

Head of the Egyptian-Italian Business Council Khaled Abu Bakr also attended the meeting, announcing that a delegation of Italian businessmen will visit Egypt in early 2018.