In line with the directives of Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade (MIFT Minister), to promote Egyptian investment opportunities abroad and attract further investments, and on the sidelines of the Arab Italian Business Forum held in Milan, Dr. Mohamed Awad, CEO of the General Authority for Investment and Free Zones (GAFI CEO), met with Ms. Veronica Squinzi, Vice President of the Italian industrial association Assolombarda and CEO of the global Mapei Group. The meeting discussed the Group’s expansion plans in the Egyptian market and opportunities to attract new Italian investments, with a view to strengthening partnerships with the Italian business community.
The meeting reviewed the Group’s investments in Egypt, including a factory in 10th of Ramadan City with investments exceeding USD 25 million and an annual production capacity of 100,000 tons in its first phase, in addition to its industrial operations in Suez Governorate, which date back to 2002.
Dr. Mohamed Awad affirmed GAFI’s commitment to supporting the expansion plans of Italian companies already operating in Egypt and facilitating the procedures required for their investments, thereby contributing to localizing industry, transferring technology, and increasing exports.
Both sides also agreed to strengthen cooperation between GAFI and Assolombarda by organizing business meetings and events in Egypt to promote available investment opportunities and incentives and encourage Italian companies to inject new investments and expand their operations in the Egyptian market.
Assolombarda is Italy’s largest regional industrial association, bringing together approximately 7,000 industrial and service companies. This provides broad opportunities to strengthen engagement with Italian investors and attract further investments to Egypt.
