At its second annual meeting, Hamed El Chiaty presents his investments and development projects at the Egyptian Italian Business Council, held in Milan on December 11 and 12, 2006, calling for more tourism investments in the country. Tourism being a major key factor in shaping the Egyptian economy, representing more than 15.4% of the economy’s GDP and employing 3.2 million, this year, the council, held several sessions under the title “Tourism in Egypt: More Destinations with Growing Business and Investment Opportunities For Italy”. These sessions shed light on the new opportunities for increasing the Italian tourism in Egypt; in addition to, an overview of the tourism business and investment climate, laws and regulations (Free Zones etc) in Egypt. As a pioneer in the tourism industry of Egypt, Hamed El Chiaty, presents to the council Travco’s success story maintained with the tourist development projects all in the attempt of portraying how Egypt is becoming a very attractive investment opportunity. As an advocate of the potential it bears, El Chiaty encourages more investments adding, “Egypt is  blessed with below-average costs of operation and higher than usual return on investment.” “The Egyptian average costs of operation represents 45% of revenue in comparison to 70-80%, ” he

elaborates. Italian investors already operating in Egypt provide an overview of their successful experience and hints on possible future developments and opportunities being studied. Moreover, the council pin points the business and investment opportunities in the Egyptian tourism sector, focusing on the New Valley. The year 2005 also saw Italian investments in Egypt rise to L.E. 1.1 billion, while around 800,000 Italian tourists visited the country. Egyptian Minister of Trade Rachid Mohamed Rachid says, “The relationship between both countries holds great potential." A report released by the Egyptian Trade Office in Milan said the trade exchange increased to 2.42 billion euro from January to August 2006 where the Egyptian exports went up by 44.5%. Among the distinguished guests and key speakers were Egyptian Minister of Tourism Mr. Zohair Garranah, Ambassador of Italy in Egypt H.E. Antonio Badini, Chairman of Italian Tour Operators Association Mr. Giuseppe Boscoscuro, Secretary General of Supreme Council of Antiquities Dr. Zahi Hawwas, Head of Executive Agency for the Tourism Development Authority Mr. Khaled Maklouf.