In an exciting update on international partnerships, recent infographics from the media center have showcased the flourishing relationship between Egypt and Italy, particularly in the realms of trade, investment, and development. It appears that this Mediterranean connection is stronger than ever, with Italy proudly holding the title of Egypt’s largest European trade partner.
As of 2024, the bilateral trade between these two nations has reached an impressive .6 billion, marking a significant rise from .9 billion just a decade ago in 2014. This growth not only highlights the strength of their economic relationship but also signals a vibrant avenue for mutual benefits. With Egyptian exports to Italy witnessing a remarkable 36% increase, they now account for a substantial .4 billion of this figure.
Diving deeper into the specifics, the primary exports from Egypt to Italy in 2024 include mineral fuels, which topped the list at .4 billion, followed by aluminum and its products, valued at 3.1 million, and a variety of plastics contributing 3.5 million. These figures illustrate not just trade numbers but also the diverse range of products that Egypt provides to its European counterpart.
On the import side, Egypt welcomes a range of valuable goods from Italy, including machinery and equipment at 3.2 million, alongside mineral fuels at 3.5 million and electrical appliances totaling 5.6 million. This interchange of goods underscores the interdependence that not only fuels their economies but also fosters innovation and growth in both countries.
Furthermore, Italian investments in Egypt are noteworthy, amounting to a staggering billion by the fiscal year 2023/2024. This impressive figure includes contributions from 1,328 companies, demonstrating Italy’s confidence in the Egyptian market. Significant joint ventures, such as the Egypt-Italy Ro-Ro shipping line, have been instrumental in enhancing trade efficiency by reducing delivery times for agricultural exports from six days to just 2.5 days. Additionally, the collaboration in developing Egypt’s Zohr gas field with the Italian powerhouse Eni signifies a robust partnership in energy resources.
In summary, the partnership between Egypt and Italy is a prime example of how collaborative efforts in trade and investment can lead to substantial mutual growth. As both nations continue to build on this positive trajectory, they set a benchmark for international relations in the region. Stay tuned for more updates on this dynamic partnership that promises to reshape trade and economic landscapes in the Mediterranean corridor.
#WorldNews #BusinessNews #Lifestyle #Politics #Tourism
