The volume of trade exchange between Egypt and Italy reached $1.5 billion during 2023, Minister of Trade and Industry, Ahmed Samir said during his meeting with Italian Minister of Enterprise, Adolfo Orso.

Minister Samir emphasized that Italy holds a significant position as one of Egypt's foremost global economic allies.

Their investments in Egypt surpass $3 billion and encompass 1,288 projects spanning key sectors that attract foreign direct investment.

These sectors include industry, agriculture, tourism, services, construction, information technology, and financial services.

Samir highlighted the substantial prospects for Egypt in the pharmaceutical industry, estimated at a value of $4.5 billion.

These opportunities primarily lie in the areas of active ingredients, vaccinations, and biological medicines. This development is expected to attract keen interest from both Egyptian companies and their Italian counterparts.

Minister Orso pointed to cooperation projects between Egypt and Italy include the Rubiki Leather City project, the Furniture City in Damietta, the solar energy field in Aswan, and the project to extract critical raw materials.

In the meeting, it was mutually decided to initiate critical raw materials projects by appointing officials as contact points between Italy and Egypt. Additionally, an Italian sovereign fund exclusively dedicated to raw materials was established.

Furthermore, efforts will be made to enhance collaboration between the Italian Trade Authority and the Egyptian Commercial Representation Authority, with a focus on promoting the internationalization of both Italian and Egyptian companies.

Moreover, joint seminars and workshops will be organized in Egypt and Italy to foster cooperation between companies from the two nations in the realms of commerce, industry, and investment.