Soaring Egypt-Israel trade creates 15,000 new jobs
(AP)
17 December 2005
17 December 2005
CAIRO — Egypt’s trade with Israel is expected to rise 130 per cent this year, according to the latest figures, the result of a US-brokered agreement that has created an estimated 15,000 Egyptian jobs, an indication of how better relations can produce economic growth.
Israeli investment in Egypt, by contrast, remains stagnant, largely because of lingering distrust and political sentiment.
Figures from the Israeli Export Institute show Egyptian-Israeli trade will rise from $58 million in 2004 to a projected $134 million in 2005. The volume is small — Egypt’s global exports are worth about $12 billion a year, Israel’s are about $30 billion — but it amounts to a U-turn by Cairo, which has long kept ties with Israel to a minimum. Suspicions remain.
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