Egypt's Consul General in Milan Walid Othman announced coordinated efforts between the Egyptian Consulate General in Milan and the Suez Canal Economic Zone (SCZone) to establish the first Italian steel and iron manufacturing company within the SCZone. The company is expected to commence operations in the near future, marking a significant milestone in Egyptian-Italian economic and industrial cooperation and reflecting ongoing efforts to attract Italian investment to Egypt.
Othman made the remarks during his participation in an economic conference titled "Egypt as a strategic destination for Italian business ventures" held in Milan. The event was organized to promote investment opportunities in Egypt in cooperation with the Italian-Arab Chamber of Commerce, the Italian business association Assolombarda, Nile Air and SACBO, the company responsible for managing one of Milan’s major airports.
Representatives from Egypt’s General Authority for Investment and Free Zones (GAFI), the Arab Organization for Industrialization (AOI) and the Suez Canal Economic Zone also took part in the conference. The consul general highlighted Italy’s position as Egypt’s leading European trading partner and expressed hope for further growth in bilateral trade and an increase in the number of Italian companies investing in Egypt.
Othman encouraged Italian investors to explore the Egyptian market and the incentives currently offered by the Egyptian government to foreign investors. He underscored Egypt’s strategic geographic location, advanced infrastructure, and extensive network of trade agreements, which provide preferential access for Egyptian products to markets in more than 100 countries.
The conference attracted a number of prominent Italian business leaders who expressed strong interest in investing in Egypt. Business-to-business (B2B) meetings between Egyptian and Italian investors are expected to be organized in the near future to further explore partnership opportunities.
Several Italian companies are considering investments in Egypt, particularly in the fields of energy and renewable energy, fashion-related industries including textiles, garments and leather manufacturing as well as food production and exports. The conference also highlighted the growing role of Egypt’s free zones, particularly the SCZone, as key drivers of foreign direct investment.
These zones offer strategic advantages for international companies seeking to expand exports to African and Middle Eastern markets.