However, Egypt's imports from the European country declined by 1.2 percent to $2.97 billion in 2021, down from $3 billion in the previous year.

Trade exchange between Egypt and Italy hit $5.8 billion in 2021, compared to $4.5 billion in 2020, achieving an increase of 29 percent, the CAPMAS added.

As per the CAPMAS statistics, Italian investments in Egypt rose by 40.3 percent to $448.8 million during the first quarter of the FY 2021/22 (July-September), compared to $320 million during the last quarter of the fiscal year 2020/2021 (April-June).

Remittances of Egyptian expats in Italy stood at $94 million during the FY2019/2020, compared to $82.6 million in the FY 2018/2019, recording a rise of 13.8 percent.

The remittances of Italians working in Egypt amounted to $7.9 million during the FY 2019/2020, compared to $6.3 million during the FY 2018/19, with an increase of 24.3 percent.