Trade between Italy and Egypt hit €3.390 bln in 9 months

The value of Egyptian-Italian trade hit €3.390 billion ($4.1 billion) during the period from January to October 2020, compared with €4.34 billion in the previous year, according the commercial office of the Italian Embassy in Cairo said.

In a report published on Tuesday, the office said the commodities which are imported by Egypt included machines, mechanical devices, electric appliances, spare parts, mineral oils, chemicals, iron and steel, medical appliances, textiles, automobiles and furniture along with transport vehicles among others.

Italy is the fifth trade partner to Cairo while it came first as a trade partner to Egypt in Europe in 2019 according the Egyptian Central Agency for Mobilization and Statistics (CAPMAS), added the report.

As many as 1,424 Italian companies are operating in Egypt, placing Rome at the fourth place in the list of countries which have direct investments in Egypt till the period ending June 2020, added the report.

The total Italian capital that has been pumped into the Egyptian market reached dlrs 28.2 billion till June, 2020, the report said, adding that Italy is investing in Egypt in the fields of oil and gas exploration, industry, services, tourism, financial and banking sector, construction, agriculture, information technology and real estate.