Egypt’s exports to Italy record $1.24B in 1st 8 months of 2018

CAIRO - 18 October 2018: Egypt’s exports to Italy hit $1.24 billion during the first eight months of 2018, compared to $986 million during the same months of 2017, according to Minister of Trade and Industry Amr Nassar.

Nassar added that Egypt’s imports from the Italian market dropped to $2.96 billion, compared to $3.64 billion in the period of January to August 2017.

This came during the extensive meeting held by the minister with an Italian trade mission comprising 25 Italian companies operating in various fields. The mission was organized by the Italian Institute for Asia and Africa (ISMAA).

The minister pointed out that the current stage is witnessing an intensive economic momentum between Egypt and Italy in all fields and at various levels, which paves the way for achieving a breakthrough in the commercial and industrial cooperation and joint investment projects between the two countries.

He referred to the possibility of benefiting from the Egyptian market as a manufacturing and export hub to the markets of Africa, the Middle East and the Arab Gulf.

The Egyptian-Italian historical relations as central countries in the Mediterranean region represent a pivotal point for the development of bilateral relations and the activation of the joint working system to achieve the common interests of the Egyptian and Italian economies alike, Nassar said.

“There are huge opportunities for cooperation between Egypt and Italy in the African countries, especially that Egypt is currently adopting an integrated plan to promote industrial cooperation, trade and investment with a number of countries in the east and west of the African continent,” he clarified.

Nassar explained that the ministry aims to attract small, medium and large Italian industrial projects to work in the Egyptian market and export to neighboring markets.

For his part, member of the Egyptian-Italian Business Council Ashraf Rashid said that the visit of the Italian delegation to Cairo aims at strengthening the economic relations between Italy and the countries of the Mediterranean Basin, including Egypt, noting that trade exchange between Egypt and Italy reached $5 billion annually.

He added that Egypt still enjoys a great industrial and investment competitiveness among the countries of the Middle East, pointing out that the competitiveness of energy prices and qualified technical work force make Egypt a distinct investment destination in the region.

Head of the economic and trade department at the Italian Embassy in Cairo, Pietro Tombacini, said that the Italian market remains the primary destination for Egyptian exports to the continent of Europe, pointing out that exports of textiles and agricultural products are on top of Egyptian exports to Italian markets.

Tombacini added that the Italian delegation includes representatives of a large number of Italian companies working in the fields of engineering industries, utilities, water control systems, education, vocational training, telemetry, digital systems, electromechanical systems, tourism, hotel management, infrastructure development, pipes, as well as the fields of machinery technology, industrial equipment, energy, banking and furniture.