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Egypt, Italy Boosting Bilateral Economic Cooperation

Friday, 28 January 2011 16:16

Egypt’s Trade and Industry Minister and acting Investment Minister, Rachid Mohamed Rachid visited Italy for talks with Italian deputy Prime Minister and Economic Development Minister head of Italian Industries Association, some other officials, Italian Foreign Minister and a number of Italian businessmen.

Rachid said the visit comes as part of the distinguished strategic relations linking Egypt and Italy and in continuation of the talks by the two sides to broaden economic relations and to prepare for the Egypt-Italy fourth summit to be hosted by Egypt on February 21-22.

Rachid Mohamed Rachid praised on Tuesday the volume of trade exchange with Italy.

The volume stood at 3.5 billion Euros during the period from January to September 2010, said Rashid, who is on a one-day visit to Rome.

He said Egypt’s exports to Italy rose to 1.417 billion Euros in the same period. The minister, who also is the acting investment minister, estimated Italian investments in Egypt at 1.475 billion dollars in 757 projects.

Egypt exports cement, fruits, vegetables and ready-to-wear clothes to Italy. Among its imports from Italy are machines, equipment, cars and steel.

In another development, Rachid affirmed that Egypt has no desire at present to sign a free trade agreement with the United States, but however we are looking forward for boosting our trade relations with the U.S as it is the biggest economy in the world.

Rachid added that Egypt has exerted serious efforts in 2005 and 2006 with the U,S side to start the official talks for the free trade agreement but the political climate in the United States did not help it and we as well did not accept the political terms involved.

Rachid statement came following his meeting with the delegation of U.S foreign relation council currently on a visit to Egypt. (SIS)

Global Arab Network

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