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The Egyptian-Italian Business Forum will take place in Italy during the first quarter of 2025, according to an official announcement. Minister of Investment and Foreign Trade, Hassan El-Khatib, is expected to visit Italy to explore new opportunities for collaboration across multiple sectors. During a recent meeting with Italian Ambassador to Cairo, Michele Quaroni, El-Khatib discussed positive developments surrounding the launch of a RORO maritime transport line linking the ports of Damietta in Egypt and Trieste in Italy. The initiative is part of broader efforts to strengthen bilateral economic ties between the two nations. El-Khatib highlighted that the Ministry of Investment and Foreign Trade is promoting the RORO line through Egyptian commercial offices in Europe and the General Authority for Investment and Free Zones (GAFI), aiming to facilitate business exchanges. The meeting also focused on potential collaboration in digitizing customs procedures, leveraging Italy’s advanced technologies in this field. Both parties discussed organizing joint training programs and the possibility of sending a delegation of Egyptian officials to Italy to learn from Italy’s experience in customs efficiency. El-Khatib emphasized that Egypt is working on significant reforms to streamline customs processes, aiming to reduce clearance times to just two days in 2025. This initiative is expected to improve trade flows, enhance Egypt’s standing in global trade indices, and support foreign business activity. Further discussions centered on expanding investment in Egypt’s pharmaceutical, medical device, and supplies sectors, with a view to meeting local demand and boosting exports. Ambassador Quaroni reiterated Italy’s commitment to enhancing economic relations with Egypt, noting growing interest from Italian companies in sectors such as vehicle manufacturing, recycling, and fuel production. The Ambassador confirmed that the upcoming visit of Minister El-Khatib will further strengthen ties and explore opportunities for joint investment projects. With trade between the two countries exceeding €6bn in 2023, Italy remains Egypt’s largest trading partner within the European Union. Italian investments in Egypt amounted to $3bn, spread across 1,288 companies, according to official data.Didn’t they realise there was a war going on? Inside robodebt disaster’s slow media storm
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OPEC oil output rose for a second month in November as Libya’s production recovered after resolution of a political crisis, a Reuters survey found, though members making cuts pledged to the wider OPEC+ alliance kept output broadly steady. The Organization of the Petroleum Exporting Countries pumped 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, the survey showed on Tuesday, with Libya again posting the largest increase. Libyan output recovered after resolution of a dispute over control of the central bank, allowing full production to resume at oilfields and applying downward pressure on prices. The country is exempt from agreements by the broader OPEC+ group of producers to limit output. OPEC+ is scheduled to meet on Thursday and could extend output cuts into 2025 in the face of global demand concerns and rising output outside the group, sources have told Reuters. Other increases of 50,000 bpd each came from Nigeria and from Iran. There were no significant drops in output. Iraqi production edged lower, the survey found, reflecting efforts to boost compliance with its OPEC+ quota. OPEC pumped about 16,000 bpd above the implied target for the nine members covered by supply cut agreements, the survey found, with Gabon exceeding its target by the largest amount. The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from financial group LSEG, information from companies that track flows, such as Kpler and Petro-Logistics, and information provided by sources at oil companies, OPEC and consultants. Source: Reuters (Reporting by Alex Lawler Additional reporting by Ahmad Ghaddar Editing by David Goodman)
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