CAIRO: Italy intends to inject new investments worth U.S. $1.3 billion in Egypt, to launch new projects related to energy and infrastructure in April, according to a statement released by the Ministry of Foreign Affairs Thursday.
The Egyptian Ambassador in Italy Amr Helmy met with the Italian Deputy Minister of Economic Development, and they agreed to hold the next Italian-Egyptian Business Council in Cairo meeting on April 29 and 30.
A large number of representatives of Italian companies concerned with promoting economic ties between Cairo and Rome will participate in the meeting.
“Egypt will sign the contracts for the new Italian investments in the first week of April. This is the largest investment implemented by an Italian company in Egypt for many years,” said Helmy in the statement.
Italy is considered Egypt’s major European trading partner, and it ranks second among Egypt international economic partners, added the ambassador.
He also affirmed that the next meeting of the joint business council could help promote economic cooperation between the two countries, in addition to enhancing cooperation between Egyptian-Italian businesses in activities related to construction, building, spinning, weaving, food industries, and petrochemicals.
Italy invests in various industries in Egypt, among the most major of which is the cement industry. Suez Cement, a subsidiary of Italcementi Group, is one of the major Italian businesses operating in Egypt. The company is one of the largest cement producers in Egypt, with an industrial network of five production facilities in Suez, Kattameya, Tourah, Helwan and Minya.