Cairo – Mubasher: Italian investments in Egypt amounted to $2.7 billion over 1,015 projects, Egyptian trade minister Tarek Kabil revealed in a statement on Thursday.
Italian investments in the Egyptian market focus on the industrial, tourism, construction and engineering, agriculture, communication and IT, and financial services sectors, Kabil highlighted.
Italy is one of the most important European trade partners for Egypt, he added, pointing out that the trade exchange between both countries hit EUR 3.7 billion.
Trade exchange between Egypt and Italy surged 13.9% to EUR 2.59 billion in the first half of 2017 from EUR 2.27 billion in H1-16.
The minister stressed that Egyptian exports to Italy rose by 25% to EUR 995 million in H1-17, compared to EUR 796 million in the prior-year period.
This came as part of Kabil’s meeting with the new Italian ambassador to Cairo Giampaolo Cantini to discuss economic relations and reinforce mutual cooperation in terms of investments, trade, and industry between both countries.
The Central Bank of Egypt (CBE) had previously announced a 14.5% year-on-year rise in net foreign direct investment (FDI) in Egypt to $7.9 billion in fiscal year 2016/2017, versus $6.9 billion in the previous fiscal year.
