A group of Egyptian business leaders arrived in Israel on Sunday as part of the Qualifying Industrial Zones (QIZ) trade agreement between Israel, Egypt and the United States.
It marks the first time in a decade that an Egyptian delegation is visiting the Jewish state within the framework of QIZ, which was signed by the parties in 2004.
The agreement allows the export of duty and tax-free products from Egypt to the US provided that Israeli components make up a certain percentage of the products, which according to a modification of the deal signed in 2017 stands at 10.5 percent.
The Egyptian delegation includes twelve leading industrialists and businesspeople in the field of textiles and clothing. During the trip, they are scheduled to meet with representatives from Israel's Foreign Affairs Ministry, Economy and Industry Ministry, the Manufacturers Association, the Federation of Chambers of Commerce and the Export Institute.
“The partnership between Egypt and Israel, including in the economic sectors, will strengthen business ties between the countries and promote economic growth, prosperity, and wellbeing in our region," Economy and Industry Minister Orna Barbivai said.
"I welcome the Egyptian delegation’s visit, which will contribute to the promotion of shared interests for both countries.”
The visit comes amid warming ties between Israel and Egypt, which signed a peace deal in 1979 following the Camp David Accords.
Last week, Israel signed an agreement with the European Union and Egypt to export natural gas to Europe. The Israeli gas will be transferred through an existing gas pipeline to Egypt, where the gas can then be transported to Europe.