18 January 2020 05:13 AM

Trade Minister hails great economic momentum between Egypt, Italy

Friday، 19 October 2018 - 01:20 PM

Minister of Trade and Industry Amr Nassar on Thursday 18/10/2018 commended the great economic momentum between Egypt and Italy at all levels during the current phase, which in turn could help boost trade, industrial and investment ties between the two countries.

Also, he pointed out to the possibility of benefiting from the Egyptian market as a hub for exporting Italian industries to Africa, the Middle East and the Arab region.

He made the remarks during an expanded meeting with an Italian trade delegation comprising 25 representatives of major Italian companies operating in various fields.

During the meeting, Nassar talked about huge opportunities for joint cooperation between Cairo and Rome in Africa, especially after developing an integrated plan by the state to cement industrial, trade and investment cooperation with a host of African states.

The Trade Ministry is working to set up a number of logistic centers in Africa and activate the role of commercial representative offices spanning over a large number of African capitals and cities, with a view to allow more Egyptian products get access to African markets, he added.

The ministry targets attracting Italian industrial companies into the Egyptian market and exporting their products to neighboring markets, Nassar noted.

The recent economic reforms adopted by the Egyptian government have contributed to achieving high economic growth rates, the minister said.

Egypt's exports to Italy over the first eight months of 2018 registered USD 1.24 billion, compared to USD 986 million during the same period of 2017, he said.

Meanwhile, Egypt's imports from the Italian market hit USD 2.9 billion from January to August of 2018, versus USD 3.6 billion in the same period of 2017, he concluded.


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