Egypt targets €6B in trade with Italy

CAIRO - 10 December 2017: "Bilateral trade between Egypt and Italy is targeted to reach an annual level of €6 billion, up from a current value of €2.59 billion," Minister of Industry and Foreign Trade Tarek Kabil said Sunday.

Kabil made the statements during a meeting with Italian Deputy Minister for Economic Development Ivan Scalfarotto on the sidelines of the 11th ministerial conference of the World Trade Organization taking place in Argentina's Buenos Aires.

"This can be done through facilitating flow of products and items and organizing joint business delegations in strategic sectors for both countries," Kabil explained.

"Bilateral trade between Egypt and Italy hiked 13.9 percent in the first half (1H) of 2017 to stand at €2.59 billion, up from €2.27 billion in the same period last year," Kabil stated.

Egyptian exports to Rome jumped 35 percent to amass €995 million in 1H 2017, compared to €796 million in 1H 2016, 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.