Italy hopes to increase its investments in the Egyptian market and is looking for Egyptian partners, according to Italian Minister of Economic Development Federica Guidi.
During a meeting in Italy with Minister of Investment Ashraf Salman on Saturday evening, Guidi said she hopes to learn about the Egyptian proposals for cooperation during her next visit, planned for February. She will also be searching for Egyptian partners for joint ventures.
“We are closely following the Egyptian economic reform plan so as to exchange ideas and visions on it,” Guidi said, noting that Italy is currently implementing an economic reform plan and can benefit from learning about similar plans in other counties.
She pointed out a number of agreements that were signed recently in the field of petroleum, worth $1.4bn, that will be financed through exports credit agency Servizi Assicurativi del Commercio Estero.
According to a press release from the Ministry of Investment, Salman said Italy is Egypt’s top commercial partner in the European Union and one of the best markets for Egyptian exports. He added that Italy’s investments in Egypt cover various fields but are led by the oil and electricity sectors.
Salman added that the two ministers discussed the preparations for the Egyptian-Italian summit scheduled for March in Cairo, and the delegation of Italian investors and company heads who will visit in February.
The minister said the visit will focus on a number of areas of interest, including small- and medium-sized enterprises, and projects related to the development of the Suez Canal Area. Also up for discussion will be the food industry, the pharmaceutical industry, transportation, the retail trade, and cooperation between the Egyptian and Italian ports.
“The rate of return on investment in Egypt is one of the highest rates in the world,” Salman added, pointing out that Egypt has a large pool of available labour, which positions it to attract Italian investments.
He highlighted the importance of benefiting from the expertise of prestigious Italian institutions in the field of vocational training through activating protocols of cooperation with the relevant ministries in Egypt.
