Egypt Welcomes More Italian Investments

Eng. Hatem Saleh, Minister of Industry and Foreign Trade, announced that 25 factories Italy on its way to move to Egypt in the coming stage, stressing welcome Egypt to receive more Italian investments especially in light of the case the economic slowdown witnessed in the European continent, which contributed to the closure of many factories, which What is a great opportunity to move these investments to Egypt, and benefit from the system of incentives provided by the government to investors, in the framework of the "new factory project" sponsored by the ministry to receive these investments migratory.

This came during a meeting between the minister new Ambassador of Italy in Cairo, where they discussed opportunities for economic cooperation and trade, and increase the volume of trade exchange between the two countries as well as increasing joint investments. The minister said that Egypt strategic ties with the Italian side, whether on the political or economic level, pointing out that the successful visit of President Mohammad Marina during the month of September last year may have contributed to the growth and development of mutual relations between the two sides.

Saleh added that he reviewed with the Italian Ambassador in the possibility of establishing an industrial zone Egyptian-Italian region of El Alamein, which is one of the promising areas which has many advantages and incentives for attracting investment, where it is planned to accommodate this area about 2000 plant, pointing to the possibility of the transfer of factories Italian immigrant or transition Egypt in this new area.

The minister pointed out that it was during the meeting reviewed the most important challenges facing the Italian investments in Egypt, especially with regard to high energy prices, and the lack of natural gas, as well as security in some areas, pointing out that a large part of these problems on its way to resolve, as is being awarded licenses to import gas to make up the shortfall in the current quantities. For his part, Italy's ambassador in Cairo, Egypt is considered one of the most important strategic partners for Italy in the Middle East and Africa, both at the political or economic. He said that despite the difficult circumstances which took place in Egypt over the past year, but the Italian investments insisted on staying in Egypt during the last stage and so far, but increased after the January 25 revolution, and there is demand from Italian businessmen to increase their investments in Egypt during the next phase.