FILE – Dollars and Euros – public domain pictures/Petr Kratochvil
CAIRO - 2 November 2022: Italy allocated €10 million of funding for cooperation projects with Egypt, according to the Italian ambassador to Cairo, Michael Caron.
Caron elaborated that part of the amount is allocated to the second phase of the Leather City in Al-Rubiki and the second phase of the Shaq El-Taban area, pointing to the Italian side's interest in strengthening cooperation with Egypt in the field of furniture industry, especially the Furniture City in Damietta.
He emphasized his country’s keenness to strengthen cooperation with Egypt, especially in light of the crises that swept the world recently, the latest of which was the crisis of the Russian-Ukrainian war and its economic repercussions on the European market in general and the Italian market in particular, which included the rise in energy prices. “This led to a decline in productivity rates and the suspension of some factories.”
This came during a session of talks with the Egyptian Minister of Industry, Ahmed Samir, to discuss the future of economic and investment cooperation between Egypt and Italy.
The Ambassador pointed out that these repercussions represent an opportunity to enhance trade and investment relations between the two countries, especially in light of Egypt's keenness on deepening the local industry and using advanced expertise to achieve an industrial boom.
Caron said that Egypt will host, during the second week of next December, a delegation of Italian businessmen in the agricultural sector, representing all links of the value chains in agriculture, which include irrigation, agriculture, advanced technologies and environmental standards to enhance cooperation with the Egyptian side, especially since Italy has great experience in this field.
He pointed out that the final touches are being put in place to launch the shipping line between Egypt and Italy, which will contribute to increasing trade and investment movement between the two countries and increasing the exports of Italian projects operating in Egypt that export their products to Eastern European markets.