Peace with Egypt is of course of paramount importance. This peace could also be a ground for business cooperation. It happens, but on the margins. Perhaps this will be improved following the meeting of the QIZ (Qualified Industrial Zone) jointly of the Egyptian and Israeli governments that took place last week.
Yaniv Tesel, Co-Chair of the Quiz Committee on behalf of the Foreign Trade Administration at the Israeli Ministry of Economy and Industry, along with the Israeli Ambassador to Cairo, Amira Oron, Senior Director of Customs (Tax Authority) David Khoury and Foreign Trade Director General Danny Katribes, represented Israel At the conference.
The committee members also took part in the conference www.qizconference.com organized by GTM – Global Trade Matters. The conference, which was attended by several representatives of Israeli companies and dozens of Egyptian businessmen who are interested in doing business with Israel, said that The warming of relations between Israel and Egypt in the context of recent regional developments. In 2020, the United Arab Emirates, Bahrain, Sudan and Morocco agreed to normalize relations with Israel. The United Arab Emirates and Israel also concluded negotiations last month on a free trade agreement, which is due to be signed next week.
“The change in the regional economic landscape, which has completely changed from what it was at the beginning of 2020, will surely have a positive effect not only on the Israeli economy but also on the vital and potential economic relations between Egypt and Israel.”
The Foreign Trade Directorate of the Ministry of Economy and Industry notes that Israeli exports to Egypt broke records in 2021 and that the Minister of Economy and Industry even visited Egypt several months ago, in order to strengthen and deepen trade and investment ties between the two neighboring countries. The QIZ (Qualified Industrial Zone) agreement, signed between Israel and Egypt in 2004, grants a customs exemption upon entry into the US market on Egyptian products manufactured in defined industrial areas in cooperation with Israeli industrial companies.
Trade data: According to data from the Director of Foreign Trade, the volume of trade between Israel and Egypt as of 2021 is about $ 200 million (excluding natural gas exports). About 80% of Israeli exports to Egypt derive from textile exports under the QIZ agreement, with the balance being divided between chemicals (6%), rubber and plastics (6%) and more. Israel imports from Egypt agricultural products and food products (37%), chemicals (34%), machinery and electrical machinery (4%), rubber and plastics (3%) and minerals and fuels (3%).
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