CAIRO: Italian entrepreneurs met with top government officials at Cairo’s Conrad Hotel on Sunday to address developments in the industrial and technological partnership between the two countries and the Euro-Mediterranean answer to the global economic challenges.
“There is great potential for economic growth, and like Italy, Egypt’s textile industry is composed largely of private, small-medium companies, said Gregory Bird, executive member of the Global Coalition of Efficient Logistics (GCEL).
Sunday’s conference defined Italy as one of Egypt’s major trading partners through the several opening speeches delivered by the Egyptian Ministers of Electricity and Energy, Agriculture and land Reclamation, Transportation, Finance, and Trade and Industry.
A member-state of the Union of the Mediterranean, Egypt continues to pursue a free trade framework, and has made strides to open its economy – largely based on tourism and the export of petroleum products, cotton, textiles, and agricultural goods – through various reforms.
According to studies by the Investment Network, agriculture is the main economic sector in Egypt employing over 30 percent of the labor force and accounting for 14.7 percent of GDP.
“Egypt has an honorable reputation in agriculture said engineer Sherif Hesny, Chairman of the Textile Export Council of Egypt, “and in partnership with a great country like Italy . we must find faster and more efficient means to deliver merchandise to Europe from Alexandria.
In a recent study, the International Monetary Fund stated that Egypt’s GDP in 2009 reached $188 billion, and in the same year, “the Egyptian textile production GDP accumulated over LE 4 million with 314 companies involved in textile production . ranking Egypt 97th in the World Bank Logistics Performance Index of 2007, Bird said. Singapore ranks 1st and Italy 22nd.
According to Hesny, finding new faster and more efficient shipment methods is crucial to improving Egypt’s export growth. Alexandria is the main port in Egypt and handles over 75 percent of Egypt’s foreign trade. However, transit times for agricultural and textile merchandise from Alexandria range from four days to deliver to Italy, Austria and Southern Germany, or six days if destined to the UK, Denmark and Sweden.
Despite its great potential, Egypt can still do more to increase its economic growth. “To appeal to investors, companies must increase the transparency of every movement of their trade activities through a soft integration structure online, maintain hygiene in every port to reduce costs, improve storage camp security as well as disaster impact readiness, and reduce carbon monoxide emission, Bird added. Antonio Loche, Secretary General of the Association of Friendship and Cooperation, told Daily News Egypt that “there is plenty of trade opportunity in the Mediterranean, but it is a matter of seizing these opportunities, and we are extremely optimistic.
