Cairo: CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed Awad announced that Egypt is seeking to convert its strategic partnership with Italy into concrete joint projects, investments, and commercial and industrial partnerships. This initiative aims to strengthen economic ties and further mutual interests between the two nations. Awad conveyed these remarks while representing Minister of Investment and Foreign Trade Mohamed Farid Saleh at the Egypt-Italy Business Forum's closing session. The forum convened government officials and business leaders from both countries to explore ways to enhance economic, investment, and trade cooperation, along with identifying new partnership opportunities in priority sectors.
According to State Information Service Egypt, Awad emphasized the depth of strategic ties between Egypt and Italy, highlighting the significant potential for elevating bilateral economic and investment cooperation. He showcased Egypt's efforts in creating a competitive investment climate, streamlining procedures, and enhancing its ability to attract productive investments. These efforts are aimed at expanding manufacturing and boosting exports to regional and international markets. Bilateral trade between Egypt and Italy is projected to reach approximately 5.9 billion pounds by 2025.
Italy holds the fourth position among foreign investors in Egypt, with cumulative Italian investments amounting to about 23.4 billion dollars from the fiscal year 2004/05 through 2024/25. Around 1,400 Italian companies and investment partnerships are operating in Egypt, as stated by Awad. He underscored the importance of maximizing the benefits of Italy's institutional and financial presence in Egypt, particularly through entities like the Italian Deposits and Loans Fund (CDP), the Italian Export Credit Agency (SACE), the Italian Society for the Internationalization of Companies (SIMEST), and the Italian Trade Agency (ICE), also known internationally as ITA.
Awad pointed out that these institutions could facilitate investment opportunities by linking them with available financing, guarantees, and investment-promotion mechanisms, thus aiding the implementation of joint projects. The forum also marked the signing of a cooperation protocol between GAFI and the Bank of Alexandria, owned by Italy's Intesa Sanpaolo Group, which aims to support investment and provide additional services and solutions to facilitate investors' operations. The discussions further explored opportunities to enhance cooperation between Egyptian and Italian ports, increase transit traffic between Europe and Gulf countries, and leverage Egypt's strategic location to bolster regional and international trade.