US business representatives express interest in expanding projects in Egypt to President Sisi

MENA , Friday 16 Dec 2022

President Abdel-Fattah El-Sisi attended Friday an open dialogue with representatives of the US business sector who expressed interest in working in Egypt and expanding their existing projects.



The dialogue took place during a dinner banquet hosted by the American Chamber of Commerce in honour of the Egyptian president to mark the 100th anniversary of establishing ties between Egypt and the United States.

The banquet was held after the conclusion of the US-Africa Leaders’ Summit in Washington.

It was attended by President of the American Chamber of Commerce Suzanne Clark, the Chairman of Egypt-US Business Council (EUSBC) John Christmann, in addition to heads and directors of many major US companies.

El-Sisi expressed his appreciation of Egypt's strategic ties with the United States and welcomed the growing activities of US companies operating in Egypt, according to a statement by Presidential Spokesman Ambassador Bassam Rady.

The representatives of the US business sector expressed interest in working in Egypt and expanding their existing projects, Rady added.

El-Sisi also affirmed Egypt's keenness to communicate with investors to resolve problems and obstacles facing them.

He expressed his appreciation for the role played by the US Chamber of Commerce and the Egypt-US Business Council in backing economic and trade relations between Egypt and the United States.

The Egyptian president also stressed the importance of the private sector's role in the country as an engine of growth through increasing investments and transferring knowledge and expertise to serve the common interests of the two countries.

The president also underlined the fruitful discussions that he held during his visit to Washington with a number of US officials, which focused on ways to develop economic cooperation, beef up the volume of trade exchange between the two countries and increase US companies’ investment in Egypt.

El-Sisi emphasised during the discussion the progress made in structural economic reforms and in establishing the legislative and institutional structure to attract more FDI to Egypt.

The attendees praised Egypt’s economic reforms including the measures that have been taken to improve the investment climate in the country.

They also lauded the major national projects being implemented in the country that have made Egypt an international model, praising the resilience shown by the Egyptian economy in the face of the successive global crises, including the COVID-19 pandemic and the Russian-Ukrainian crisis.

They also expressed keenness on beefing up US investments in Egypt in the coming period, particularly in the health, technology, tourism and renewable energy sectors.

They also praised Egypt's successful presidency and hosting of the UN Climate Change Conference (COP27) in Sharm El-Sheikh in November.

President El-Sisi also asserted that Egypt intends to continue reform and development efforts with the view to implementing the Sustainable Development Strategy: Egypt Vision 2030.

The president underlined that the outcome of COP27 opens wide horizons for cooperation between the two sides in various areas, particularly in the field of clean and renewable energy.

He added that Egypt offers many incentives to international companies to invest in wind energy, solar energy and green hydrogen within the framework of the country's efforts to turn into a regional energy hub.

Egypt hopes the US companies will seize these available investment opportunities to consolidate economic relations between the two friendly countries.

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