PM Madbouly urges more trade cooperation between Egypt, US at AmCham event

Ahram Online , Thursday 25 Oct 2018

Egypt's Prime Minister Mostafa Madbouly (Photo: Al-Ahram)

Egypt's Prime Minister Mostafa Madbouly urged on Thursday more strategic trade cooperation between Egypt and the US during a meeting with a US business delegation, which was held in Cairo by the American Chamber of Commerce in cooperation with the Egyptian-American Business Council.

The gathering was part of a series meetings that started on Monday and are concluding on Thursday.

The meetings were attended by Sarah Kemp, Acting Deputy Under Secretary of Commerce for International Trade at the US Department of Commerce International Trade Administration, as well as representatives from 44 major American companies.

Over 100 senior executives from leading American companies are part of a mission that arrived in Egypt on Monday to hold several meetings with Egyptian officials to "underscore the continued commitment and unwavering support of the American business community to Egypt’s long-term stability and economic development; as well as to explore prospective business opportunities," according to the AmCham.

During his speech, Madbouly said that US direct investment in Egypt constitutes 38 percent of the US's direct investment in the African continent in 2016, putting Egypt at the top of the list of African countries receiving US FDI in that year.

Madbouly said the USA comes among the top ten countries in FDI in Egypt, at a total capital of $2.6 billion, as of the end July 2018. 

The PM added that Egypt is the second largest recipient of US FDI in the Middle East.

The prime minister encouraged the American business community to work with both the Egyptian business community and the Egyptian government to promote economic growth between the two countries by taking advantage of Egypt's geographical location and natural and human resources, which make the country one of the most diverse and attractive economies in the region.

Madbouly said that Egypt is a huge regional market, allowing investors and exporters to access major markets without customs tariffs through a number of preferential trade agreements with Arab countries, the European Union, Turkey and COMESA, as well as three African blocs that bring together 26 African markets.

Madbouly noted that within the framework of the strategic relations between the two countries, there is an opportunity to enhance trade exchange, which reached $ 5.1 billion in 2017.

The prime minister stressed that despite economic difficulties, Egypt has begun to reap the fruits of its economic reform programme, reaching the highest annual growth rate in 10 years, 5.3 percent, during the 2017/18 fiscal year.

The delegation, which met with President Abdel-Fattah El-Sisi on Monday, included senior representatives from the United States Trade Development Agency (USTDA), the Overseas Private Investment Corporation (OPIC), the Export-Import Bank of the United States (Ex-Im), as well as multilateral financial institutions.

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