Claudio Scajola, Italian Minister for Production Activities, and Mohamed Rachid, Egyptian Minister for Trade and Industry, attended the event that took place on last 18 January. The two Ministers will also co-chaired the Ministerial Council that will, in the future, interact with the newly-born organization.

For the 2006-2007 period, the Italian-Egyptian Business Council will be chaired jointly by Carlo Pesenti, Italcementi Group CEO, and Naguib Sawiris, Orascom Telecom Chairman. The first one is the person behind the biggest Italian investment, outside the energy sector, in Egypt. Naguib Sawiris, his counterpart, became the major Egyptian investor in Europe with the recent acquisition of WIND Telecomunicazioni. The two Co-Chairmen will define the agenda of the Council that includes forums, seminars and meetings on economic issues such as the analysis of investments and commercial flows between Egypt and Italy, cultural and social events and business visits.

Besides the Board that gathers some Italian and Egyptian business and industry leaders, many companies, institutions and associations from both countries will be invited to team up with the Italian-Egyptian Business Council.