CAIRO: In order to attract Italian investments in Egypt, the General Authority for Investments and Free Zones (GAFI), in partnership with the United Nations industrial Development Organization (UNIDO), will hold a Textile, Leather and Agro-business Forum in Italy, from April 5-7, 2006.
The objective of this third annual Forum, which will be held in Rome rather than Cairo for the first time, is to promote three potential sectors in Egypt to Italian investors: primarily the textile, leather and agro businesses.
Home to the world’s most prominent clothing and leather brands, the textile and leather industries in Italy are booming and are top contributors in the Italian economy.
However, the Italian industries are not working at their maximum capacity. While the Italian industries have the technology, they lack the raw materials and low-cost of labor that would allow their industries to reach their production peaks.
This is where Egypt comes into play. The country possesses a competitive advantage over other countries vying for Italian investments because Egypt has the raw materials and labor force that Italy needs in order to increase their efficiency. What Egypt lacks is the technology.
By creating joint ventures between the two countries both countries will benefit. Egypt supplies the material and the workforce and Italy brings in the technology, the textile, leather and agro-business industries.
Working with UNIDO, whose primary aim is to promote global prosperity by offering tailor-made solutions for sustainable industrial development of developing countries as well as nations with economies in transition, GAFI’s objective is to provide Egyptian companies with the technical assistance needed to be able to compete for Italian business.
To meet their objective, both parties have arranged several, one-on-one meetings between Italian and Egyptian companies, in which the benefits and advantages of partnerships will be discussed. GAFI and UNDIO have also promoted the possibilities of joint ventures between Italian and Egyptian companies by enhancing the technology of local businesses and publicizing the developments and growth in the Egyptian investment climate to Italian investors.
As Egypt s One Stop Shop for investment, GAFI, the primary governmental authority concerned with regulating and facilitating investment and easing the way for investors worldwide to take advantage of the newfound opportunities of Egypt’s emerging market, has been trying to promote Italian investment in Egypt for a long time. While GAFI targets many countries for investment in various sectors, Italy, was in fact one of the first and most crucial countries targeted by GAFI based on its investment opportunities.
More than 80 Italian companies will attend the forum, as well as the Ambassador of Egypt to Italy, who will act as representative for the Ministry of Foreign Affairs, Mr. Amr Abdelaziz, the Vice Chairman of GAFI, Ms. May Badawi, the consultant to the vice chairman of GAFI, and Mr. Andrea Topo, head of the Investment and Technology Promotion Office, a branch of UNIDO.