Feb. 23 – Italian exports to Egypt could reach €4 billion by 2019, a figure that could rise to €5 billion if the Egyptian economy recovered the full growth rate of the pre- crisis period. These estimates were released by Sace, who took part in the trade mission to Egypt organized by the Ministry of Economic Development and the Ministry of Foreign Affairs. The mission continues until tomorrow in Cairo, and it was set up in view of the Sharm El Sheik Business Forum, to support the entry of Italian firms into one of the most strategic markets in the Mediterranean. “In Egypt, Sace – explains a note by the group – is fully operational to support exports and investments by Italian companies: our portfolio of secured commitments amounts to approximately €480 million, mainly concentrated in the energy, petrochemical and industrial technologies, and is working on new projects, for a total value of over €1 billion, involving both large Italian companies and many SMEs. This activity is fully reflected in the economic relations between the two countries: Italy is the fourth global exporter to Egypt, with exports amounting to €2.8 billion in 2013, and counts on the presence of more than stable 130 Italian companies. It’s a partnership that finds fertile ground in the path to recovery that began last year, marked by a substantial recovery in consumption and investment. Sace – continues the statement – recently renewed its commitment to Egypt, signing a Memorandum of Understanding with the Egyptian Ministry of Industry and setting the stage for closer cooperation in strategic sectors, areas in which Made in Italy can be a well-positioned added value, in which it can benefit from important opportunities in the fields of infrastructure, electric power and other renewable energy, the agro-industry, irrigation systems and water treatment.” To continue supporting Italian companies operating in the southern shores of the Mediterranean, Sace also set up a desk dedicated to the Middle East and North Africa, the second area in terms of portfolio exposure, with €4.8 billion (or 11% of total exposure). (Red)
