NEWS
Quick Access
Soaring Egypt-Israel trade creates 15,000 new jobs
(AP)

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.

Many Egyptians still see Israel as “the enemy,” says  a Cairo property developer. Many Israelis remember Azzam Azzam, an Israeli textile businessman who was jailed in Egypt for eight years for espionage, a charge he and Israel denied. He was freed last year.
Have your say
OTHER STORIES
  US to drop shooting case against Blackwater guard
  Six world powers press Iran on nuclear issue
  US still hopes Iran will change mind on nuclear deal
  UN committee targets Iran’s rights violations
  Ahmadinejad urges Turkey to boost trade ties
  School dropout high among Palestinian refugees
+ MORE STORIES

Khaleej Times Services
© 2009 Khaleej Times, All rights reserved