CEOs from a number of large European companies and factories have agreed to take part in a new national programme put forth by Egypt’s Ministry of Commerce and Industry, which plans to move a number of high labour-intensive factories from Europe to Egypt, in an attempt to create additional work opportunities for the country’s youth.
Khalid Abu Bakr, president of the Board of Directors for the Egyptian Italian Business Organisation, and member of the Executive Delegation Committee for the ministry programme, expressed his confidence that bringing factories would bring additional employment to Egypt, confirming that a number of Italian companies sought to operate in a number of economic sectors within Egypt. He did not, however, elaborate on the matter.
President Mohamed Morsi and members of his cabinet have been visiting countries across the globe in the past 10 months in a bid to lure financial aid as well as investors while political turbulence over the past two years, accompanied by security absence, have scrapped many projects, as well as repelled businessmen and tourists.
The Executive Delegation Committee for the new programme concluded their visit to Italy on Saturday. The delegation consisted of Hassan Malek, president of the Egyptian Business Development Association (EBDA); Osama Farid, vice-president of EBDA; Mina Wahba, advisor to the minister of commerce and industry; Mohamed Murad Al-Zayat, president of the Egyptian Youth Business Association; Hisham Wagdi, executive president of the Industrial Modernisation Centre (IMC); Ibrahim Salih, president of the Board of Directors for MA Kharafi and Sons; and Yasser Gamali, deputy managing director for the Bank of Alexandria.
The delegation is set to take part this Tuesday in a series of meetings and joint sessions with European representatives in Spain, Italy, and France.