Israel and Egypt do booming business

Trade between Israel and Egypt continues apace, sometimes in the most surprising of places, according to Ohad Cohen, who heads the Foreign Trade Administration in the Israeli Economy Ministry.

For example, there’s Israel’s annual $100 million trade with Egypt, the result of an economic deal worked out in 2004 between Israel, Egypt, and the US.

"Our QIZ agreement with Egypt keeps getting stronger,” said Cohen, referring to the Qualifying Industrial Zone.

“It was strong under the Mubarak administration, but surprisingly got even stronger when Mohammed Morsi took over the leadership of Egypt in 2012 – and now, with Abdel el-Sissi leading the country, it continues to flourish.”

Under the Qualifying Industrial Zone agreement, Egypt can export goods to the US duty-free if 10.5 percent of a product’s components are made in Israel.