El Sisi’s Meeting with Italian Companies Signals Interest in Attracting More Mining Investments

El Sisi’s Meeting with Italian Companies Signals Interest in Attracting More Mining Investments

President Abdel Fattah El Sisi met with CEOs and representatives of a number of Italian mining companies, including Breton, BSM and Minerali Industriali.

The meeting was attended by Prime Minister Mostafa Madbouly, Minister of Petroleum and Mineral Resources Tarek El Molla and Ahmed Al Shazly, Head of the Armed Forces Financial Affairs Authority.

The meeting was also attended by Walid Abul-Magd, Director General of the National Service Projects Authority of the Armed Forces, Abdel Salam Ahmed Shafik, Chairman of The Egyptian Company for Mining, Management and Exploitation of Quarries and Salines, Sherif Abd EL-Halim, Group CEO of Alsherif Brands, in addition to Ambassador Michele Quaroni, Italian Ambassador to Cairo.

Spokesman Spokesman for the Presidency, Counselor Ahmad Fahmy, said the meeting explored prospects of cooperation with the Italian companies to leverage Egypt’s mineral wealth, in light of the huge success of the industrial cooperation between Egypt and Italy. Such cooperation included the Complex of Quartz Production Plants in Ein Sokhna, which the President inaugurated last May.

During the meeting, CEOs and officials from Italian companies expressed their aspiration to intensify work towards deepening the process of cooperation with Egypt. They highlighted that the President’s careful follow-up of the efforts to push private investment reflects the state’s keenness to achieve a real breakthrough in this field.

Moreover, they pointed out their commitment to strengthening fruitful cooperation with Egypt in the field of mining activities. This is especially in light of its wealth of mineral ores as well as the attractive investment climate in the Egyptian mining sector.

President El-Sisi emphasized Egypt’s appreciation of its robust and historical relations with Italy and commitment to further advancing ties in various areas of bilateral cooperation. He reiterated Egypt’s interest to attract major Italian companies to the mining and transformative industry sector with the aim of increasing the industrial value addition, the localization of the industry, the transfer of knowledge and technology and building Egyptian capacity in this most advanced industries. This shall take place in a manner that opens up broader prospects for the national economy to provide more job opportunities and increase production and exports to world countries.

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