Italy-based safety footwear manufacturer COFRA is set to establish a factory in Egypt with a 10 million euros ($10.6 million) investment. This announcement follows a meeting between the Egyptian Minister of Trade and Industry and COFRA's Director of Industrial and Logistics Development. The factory will be located in Robbiki Leather City, known for its expertise in leather tanning and manufacturing. Additionally, to enhance trade between the two countries, the Egyptian Ministry of Transport is collaborating with the Trade Ministry to operate a RoRo line connecting Egyptian ports to Italy, reducing transportation time for Egyptian goods to Europe.
In recent developments, trade between Egypt and Italy saw a 29 percent increase in 2021, reaching $5.8 billion, while Italian investments in Egypt grew by 40.3 percent in the first quarter of the fiscal year 2021/22, totaling $448.8 million. COFRA's investment in Egypt is poised to contribute to the strengthening of economic ties between the two nations, fostering growth and cooperation in the manufacturing sector.