Italy’s Investments In Egypt Hit USD 4 Bn – Both Countries Did Their Bit
According to new data from Egypt’s Ministry of Investments and International Cooperation, Italian investments in the North African Country amount to USD 4 Bn, which has been made via the European country’s 1,204 companies in the Arab nation.
Ideal Investment Nation
The achievement, which was for the second time in a row and outranking previously-dominating South Africa, was on the back of the country’s expanding consumer market of approximately 100 million people and an intersecting diversified economy.
Italy’s Egyptian investments have been made in infrastructure, gas, petroleum, financial services, logistics, chemicals, petrochemicals, new and renewable energy and ready-made garments.
Between January and July 2018, the trade exchange between both countries reached USD 3.993 Bn, USD 1.235 Bn of which comprised Egyptian exports in comparison to USD 2.758 Bn in imports.
August 2017, Italy’s oil giant, Eni announced that it would invest USD 3.5 Bn into Egypt, representing half of the company investment plan for 2018.
This development, as revealed by Claudio Descalzi, Eni CEO, was pursuant to the discovery of the largest gas field in the Mediterranean Sea in the Egyptian offshore in 2015. The gas field is believed to hold the potential of 30 trillion cubic feet of lean gas in an area that stretches up to 100 sq km.
According to the statistical data obtainable from the latest publications of foreign trade of Egypt issued by the Statistics Authority, Italy accounted for 6.2 percent of Egypt’s total imports during seven months of this year.
Give And Take
Italy is one of the top five countries from which Egypt imports. Minister of Trade and Industry Amr Nassar, revealed last year that during the first eight months of 2018, Egypt’s exports to Italy hit USD 1.24 Bn, a significant growth from the USD 986 Mn it stood at during the same months of 2017.
However, he added that Egypt’s imports from the Italian market dropped to USD 2.96 Bn, down from the USD 3.64 Bn in January to August 2017.
As a way to recover and sustain relations between both countries, the Egypt-Italian Business Forum on Water, Energy, Waste, and Mobility was organized by the Italian Embassy in Cairo in collaboration with Ecomondo – a leading circular and green economy expo in the Euro-Mediterranean area organized by the Italian Exhibition Group in conjunction with the Italian Chamber of Commerce in Egypt.
The forum saw the participation of 200 Egyptian and Italian companies, and more than 40 bilateral meetings were held within.
According to reports, 41 offers were made, and many discussions were held regarding the fields of water, energy and waste, something the Italian ambassador to Egypt, Giampaolo Cantini said emphasizes the strength of relations between Egypt and Italy in all economic fields.
Featured Image Via Mubasher