Egypt’s Cabinet approved on Wednesday, January 9 a draft resolution regarding an agreement between Egypt and Italy,aiming at facilitating financing and developing the private sector in Egypt.
This agreement was signed between Egyptian and Italian officials in Sharm El-Sheikh in December 2018.
As per this agreement, Egypt and Italy will enhance their economic cooperation especially in the private sector and the Small and medium-sized enterprises. The Italian technology will be used more widely in the Egyptian factories in different industry sectors.
Moreover, this agreement will help develop industrial clusters for small and medium enterprises in Egypt, linking them with similar projects and factories in Italy.
Egypt and Italy enjoy strong economic relations.According to Minister of Trade and Industry Amr Nassar’s statement in 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.
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 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.