Greek companies plan to invest EUR 70 mn in Egypt

Two Greek home textiles and agricultural investment companies are planning to inject around EUR 70 mn into projects in Egypt, the Trade & Industry Ministry said in a statement. Hotel furniture supplier Titex Home Furnishings is looking to establish a EUR 40 mn textiles factory that would export its product to Greece and EU countries while Gaia Business for Agricultural Investment is eyeing a EUR 30 mn project to set up measurement stations to serve agriculture. Greek companies operating in the automotive and aluminium sectors have also expressed interest in investing in Egypt. Egypt and Greece have agreed to establish a working group to promote bilateral economic cooperation, according to a cabinet statement. The announcement came after a meeting in Athens between Trade Minister Amr Nassar and his Greek counterpart.