Egypt’s Economy Necessitates More Italian Investments: Khaled Abou Bakr

Mr Khaled Abou Bakr, Head of the Egyptian side at the Egyptian Italian Business Council, said the economic state in Egypt requires commercial partnership; particularly during the hard circumstances that Egypt is witnessing after the Egyptian revolution; pointing to the necessary of injecting Italian investments to the Egyptian market.

There are investment opportunities of whipping Italian companies to transfer their factories to work in the Egyptian market, due to the low cost of energy in Egypt as well low taxes and Egyptian workforce, said Mr Khaled Abou Bakr; referring to the cooperation aspects in several fields; like new and renewable energy and recycling the solid wastes to produce energy.

Although the state of instability that the Egyptian economy witnessed, the Italian companies haven’t withdrew their investments from the Egyptian market, Abou Bakr said. Egypt needs economic reform and cooperation with Italy, which is the strong economic ally to Egypt, to open exporting markets of the Egyptian products in European countries.

The Italian Egyptian cooperation can help Egypt to be Italy’s portal to North Africa and Arab Gulf countries, and Italy will be Egypt’s portal to Europe. Therefore the Egyptian government has to take the necessary procedures to get rid of the obstacles and the Italian investment problems in Egypt, and working on increasing the commercial exchange between the two countries; especially Italy seeks to boost its imports’ volume of Egyptian crops.