A memorandum of understanding between the Egyptian Grg company and the Italian Sopria Holding Group was signed Sunday to open the first Italian chain store in Egypt.
Sopria is one of the largest Italian companies producing and distributing food products in Italy and Europe.
Egypt is the third country outside Italy after Switzerland and Malta to open markets with it.
Assistant Minister of Supply and Internal Trade Ibrahim Ashmawy held a video meeting with the vice president of the Italian Confederation for Economic Development (CISE) and the Regional Director of CISE Issa Iskandar, the General Director of the Egyptian Grg Group Tamer Gouda, and the Managing Director of the Sopria Group in the presence of the Commercial Director of the Embassy Italian in Egypt.
Ashmawy explained that the Ministry of Supply and Internal Trade has a keen interest in facilitating procedures for investors to establish logistical areas and major chain stores, according to instructions from political leadership.
He said that the signing of this memorandum of understanding is the fruit of the conferences held in Naples and Cairo over the past few months, under the auspices of the Ministry of Supply and the Internal Trade Development Agency in coordination with the CISE – with the participation of major investors in Italy and Europe.
Egypt now holds large and varied investment opportunities, he explained, with investment profits and returns exceeding those in other countries as according to reports from international economic bodies.
These reports also announced that growth in the Egyptian economy may exceed four percent, with the Egyptian economy’s growth rate among the largest worldwide.
He said that the current investment climate in Egypt provides many attractive opportunities for further investments.
The Egyptian market is promising and needs to pump more huge investments in the internal trade sector, in a way that ensures economic returns on investments for the benefit of both investors and developers.
The President of the CISE Giuseppe Romano said that he is happy that the confederation will start its first projects in Egypt, which will be followed by a large mall dedicated to Italian fashion.
He said he chose Egypt as the first Arab/African country to be the headquarters for this Italian supermarket chain project due to the safety and stability it has witnessed under the presidency of President Abdel Fattah al-Sisi.
Edited translation from Al-Masry Al-Youm