Olmert: Israel-Egypt QIZ, most important event since the peace treaty

Minister of Industry, Trade, and Labor Ehud Olmert stated last week, at a conference at Tel Aviv University, that “The signing, late last year, of the Qualifying Industrial Zone (QIZ) agreement between the USA, Israel & Egypt is undoubtedly the most important event in the history of relations with Egypt, since the signing of the peace accord”.
 
According to Olmert, since the signing of the QIZ agreement, over 400 enterprises had been declared entitled to participate in the program. Those enterprises would, in order to qualify, have to purchase at least 12% of their inputs from Israel.
 
Olmert added that the QIZ agreement had an outstanding potential to increase Israeli exports to Egypt. He noted that since the outbreak of the intifada, bilateral trade with Egypt averaged $40-55 million per year, (divided almost equally between imports and exports).
 
Olmert also predicted that Israeli exports to Egypt would more than double this year, and within 4-5 years it would reach $250 million per year.