Global Arab Network | Egypt, Italy Sign Agreement to Enhance Export Transportation

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Egypt, Italy Sign Agreement to Enhance Export Transportation

Global Arab Network - - Gamal Ragay

Tuesday, 05 October 2010 18:36

Egypt, Italy Sign Agreement to Enhance Export Transportation

Egypt's Agriculture Export Council signed a cooperation agreement with two Italian Visemar companies for land and sea transport.
Egyptian Minister of Trade and Industry Rasheed Mohamed Rasheed witnessed the inking ceremony along with Italian Ambassador to Egypt Claudio Pacifico.

Rasheed said the protocol falls within the framework of the ministry’s plans for upgrading the efficiency of Egyptian exports transport to various international markets, especially through cutting down transportation prices and shrinking transportation period.

He said the ministry plans to up Egyptian exports to 200 billion EGP within the coming four years.

The volume of trade exchange between Egypt and Italy has reached $7 billion in 2009. Cooperation between the two countries covers all fields except the power filed due to the 2006 to €5 billion and 35 million in 2008.

On May 20, 2010, the first ferry set a sail from the Italian port of Venice to the port of Alexandria of Egypt was launched. The new shipping line would help reduce the transportation costs of exports and will cut on the time of transportation as well. It also will link south Europe with Middle East via Egypt.

The volume of trade exchange between Egypt and Italy reached five billion and 153 million euros in 2008. Italy ranks fifth in respect of foreign investments in Egypt, where Italy is one of the largest countries which participate in investment projects in Egypt. There are about 199 Egyptian-Italian joint projects with a total capital of about EGP 1.1 billion according to the internal investment system.

Cooperation between Egypt and Italy covers a number of areas including transfer of Italian technology to Egypt in various industries such as furniture, leather, food and chemical industries, and support of technical and industrial training programs. Also, there are several Italian investments in the banking, petroleum, communications and tourism sectors.

The Egyptian-Italian cooperation in the fields of cotton, cotton textiles and weaving witnesses a considerable development where the Italian investments can be directed to establish factories operating with cotton spinning under the supervision of Italian experts. The Italian side participated in the preparation of the Egyptian youths to the new labor market locally and abroad through supporting the technical schools and upgrading skills of young students to enter the technical labor market required by Egypt and Europe in the future.

Italy occupies 5th place among European countries with investments in Egypt (€10 billion: industrial companies; Bank of Alexandria acquisitions; petroleum and natural gas projects). Meanwhile, Egyptian-Italian joint ventures have exceeded €25 billion.

Global Arab Network

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Last Updated on Tuesday, 05 October 2010 18:46

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