Italy is investing $1.5 bln in 1,015 projects in Egypt

Italy is investing $1.5 billion in 1,015 projects within the Egyptian market Minister of Industry and Foreign Trade Tarek Qabil said Sunday.

These projects total capital is worth $ 2.7 billion , fields of industrial, tourist, construction, agriculture, financing services, information and technology , the minister added.

Qabil made the statements during a meeting with Italian Deputy Minister for Economic Development Ivan Scalfarotto on the sidelines of the 11th ministerial conference of the World Trade Organization taking place in Argentina’s Buenos Aires.

Bilateral trade between Egypt and Italy is targeted to reach an annual level of €6 billion, up from a current value of €2.59 billion,” minister said.

“Bilateral trade between Egypt and Italy hiked 13.9 percent in the first half (1H) of 2017 to stand at €2.59 billion, up from €2.27 billion in the same period last year,” Qabil stated.

Egyptian exports to Rome jumped 35 percent to amass €995 million in 1H 2017, compared to €796 million in 1H 2016, according to a statement issued by the ministry.