FM takes part in meeting of major US companies investing in Egypt

MENA , Ahram Online , Tuesday 19 Sep 2023

Foreign Minister Sameh Shoukry met with US investors in Egypt at a meeting organized by the Business Council for International Understanding (BCIU) in New York.

Sameh Shoukry
A file photo of Egypt s Foreign Minister Sameh Shoukry. Photo : Al-Ahram


In a press statement released on Tuesday, Foreign Ministry Spokesman Ahmed Abu Zeid said Shoukry held an open dialogue on the sidelines of the 78th session of the United Nations General Assembly (UNGA78) with American investors on the progress of Egypt's economic reform program.

The foreign minister also reviewed measures taken by the Supreme Council for Investment to ease the purchase of lands, enhance transparency, and ease the tax burdens on investors, the spokesman noted.

During the meeting, Shoukry stressed to investors the need to consider the impact of the Ukraine war and coronavirus crises on the global economy, noting that Egypt has successfully overcome such challenges through structural and financial reforms, he added.

He also hailed Egypt's partnership with the US, recalling that Cairo hosted a high-level joint economic commission between the two countries in May. During the meeting, the two sides held intensive talks on cooperation in energy, infrastructure, digitization, food security, women's empowerment, and foreign policy in Africa, according to the spokesperson.

The Egyptian foreign minister also voiced hope that another joint economic commission would be convened in Washington next year, said the spokesperson.

Founded in 1955, the Business Council for International Understanding (BCIU) is a US-based non-profit, nonpartisan organization that promotes dialogue between business and political leaders in different countries. It has a membership of more than 200 companies.

According to the American Chamber of Commerce in Egypt, as of January 2023, US non-petroleum capital stock totalled $2.3 billion, injected into 1,716 businesses in Egypt.

According to the Central Bank of Egypt, in the fiscal year 2021/22, the United States was the fifth largest source of foreign direct investment (FDI) inflows to Egypt, behind the United Arab Emirates, Netherlands, Italy, and the United Kingdom. American companies invested $1.5 billion, accounting for 17% of total FDI in the country.

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