Italy is Egypt's 7th EU trade partner: minister

CAIRO - 18 December 2019: Italy is Egypt's seventh European trade partner, Minister of Supply and Internal Trade Ali el Moselhi said on Wednesday.

The minister was speaking during the Egyptian-Italian Economic Forum that Cairo hosts during the period from December 18 until 20, with the participation of Trade and Industry Minister Amr Nassar and Public Enterprise Minister Hisham Tawfiq along with 13 Italian companies.

Describing Italy as one of Egypt's most important trade partner in Europe, Moselhi pointed out to the depth of relations binding between both countries.

The Egyptian government has adopted over the past period an economic reform plan that drove the economic growth rates to hit 5.6 percent in fiscal year 2018-2019, he said adding that growth rates are targeted to reach 6 percent in fiscal year 2019-2020.

He also pointed out to the negative inflation rate recorded for the first time in the past month thanks to the strong political will.

He highlighted the legislative reforms adopted as part of the plan to help create an investment-friendly climate.

Egypt could benefit form the Italian experience in establishing logistics hubs and the Italian firms could also benefit from Egypt's free trade agreements with various Arab and African countries, he noted.