Italian economic development minister in Egypt February

Italian Minister of Economic Development Federica Guidi will visit here early February to discuss investment opportunities Egypt, the Egyptian industry minister has said.

Guidi will lead a delegation of representatives of Italian companies operating in different fields, Tareq Qabil said during a meeting with Italian Ambassador in Cairo Maurizio Massari Tuesday.

Guidi's visit should pave the way for an Egyptian-Italian summit later this year under President Abdel Fattah El Sisi and Prime Minister Matteo Renzi, Qabil said.

A statement by the Industry Ministry quoted Qabil as saying that the visit reflects keenness of the political leadership here and in Rome on boosting economic ties.

He said Italian companies will find many investment opportunities in Egypt, especially in the leather and furniture industries, as well as SMEs, which are given top priority.

Qabil also touched upon national mega projects, such as the Suez Canal Corridor.

The minister stressed the need to benefit from Italy's know how when establishing a new furniture city the government intends to build in Damietta.

The meeting also focused on a general plan for the golden triangle project. Officials from an Italian company tasked with implementing the project were present in the meeting.

They told Qabil and Massari that their company is almost done outlining the plan, which will be submitted next month.

The plan will pinpoint investment opportunities in the golden triangle area and will include feasibility studies of the project.

Qabil stressed the need to finalize the plan as soon as possible.

An expanded meeting will be held after the plan is finalized to form work teams and define steps to implement the project, believed to give the Egyptian economy a shot in the arm.

The Italian ambassador said his country is keen on boosting cooperation with Egypt.

He hailed as important the upcoming visit of the Italian economic development minister to Egypt. The visit will sure contribute to enhancing trade and investment relations between the two countries and will help achieve further economic integration, Massari said.