Shouldn't it be figuring out its economy first? Italy to invest $1.3 billion in Egypt
Egyptian Ambassador to Italy Amr Mostafa Helmy recently met with Italian Deputy Minister for Economic Development Carlo Calenda to discuss potential investment in a number of projects in Egypt in the field of energy and infrastructure, according to a foreign ministry statement.
During the meeting, which was attended by a number of representative of Italian companies, it was agreed to hold the Egyptian-Italian Business Council on 29 and 30 April in Cairo.
The foreign ministry could not be reached for comment on the names of the companies involved.
According to the Egyptian ambassador, Italian investments in Egypt amount to $1.3bn. He added that investment contracts will be signed in the first week of April, and the projects involved will be in the sectors of energy and infrastructure.
Helmy also said that Italy is considered the number one trade partner with Egypt in the European Union, and also ranks second in terms of international economic partners.
The business council meeting would help expand economic cooperation between the two countries in different sectors related to industries, construction, textiles and petrochemicals, he said.
Minister of Foreign Affairs Nabil Fahmy previously stressed in an official statement on the need to promote trade and economic cooperation between the two countries, as Italy is one of Egypt’s largest trading partners and has several investments in the country.
Fahmy also met with prominent Italian businessmen to “enhance bilateral trade and attract more investments in Egypt.”