CAIRO: Egypt and the European Union are linking forces to help boost SMEs in the country. According to Egypt's Minister of Industry and Trade Samir el-Sayyad's office, he met with Executive Manager of Italy's Visemar Maritime Company Carlo Visentini as part of the efforts. The meeting came as Egypt and the EU look to bolster inter-trade between the two sides. The meeting with the Italian delegation looked at how Egypt's exports to Italy can be improved as well as to the EU as a whole. The delegation to Egypt said it hoped to provide mechanisms to finance small and medium-sized enterprises in the country. Foreign investments in Egypt plunged by $400 million in the first quarter of 2011 compared to the same period of 2010 due to the political instability that continues to shake investors' confidence in the country, said Osama Saleh, the head of the General Authority for Investment (GAFI). In statements last Thursday, Saleh said that foreign investment in the first three months of 2011 hit $1.2 billion. Saleh said that a fund with a capital of $176 million will be set up, adding that some Gulf countries will bear some of the fund's cost. BM
