In a sign of normalization, for the first time in five years, a delegation of Israeli textile manufacturers will leave for Cairo tomorrow. The delegation will accompany Minister of Industry Trade and Labor Ehud Olmert, who will sign a free trade area agreement between Israel, Egypt and the US.
Manufacturers Association president Oded Tyrah will head a 12-member delegation, including Delta Galil Industries (Nasdaq:DELT; TASE:DELT) chairman Dov Lautman and CEO Arnon Tiberg; Offis Textile (TASE:OFIS) CEO Ramzi Gabbay, who is also chairman of the Manufacturers Association textile and fashion division; Bagir general manager Ofer Gilboa; and Lodzia Rotex Holding chairman Yair Rotlevy.
Israel Export and International Cooperation Institute chairman Shraga Brosh, Manufacturers Association managing director Yoram Blizovsky and foreign trade and international relations division director Moshe Nahum, and Israel-Egypt Chamber of Commerce chairman Imad Telhami will also participate.
The delegation expects to meet Egyptian industrialists in Cairo, headed by the chairman of Egypt's Manufacturers Association and Minister of Foreign Trade and Industry. Moshe Nahum estimates the potential cooperation with Egypt at $70 million a year, especially from the joint export of textiles, food, footwear and leather products, and furniture.
Published by Globes [online], Israel business news - www.globes.co.il - on December 13, 2004