Minister of Foreign Affairs Badr Abdelatty meets with members from the American Chamber of Commerce in Cairo on Saturday 3 August, 2024. Photo courtesy of Ministry of Foreign Affairs Facebook page.
According to a statement from the foreign ministry, FM Abdelatty reviewed with the AmCham Egypt representatives recent key developments in Egypt-US bilateral economic relations.
These developments included the inauguration of the Joint Economic Commission in Cairo in May 2023; the participation of the President of Egypt in the fourth virtual meeting of the Major Economies Forum on Energy and Climate in April 2023 at the invitation of US President Biden; and the ongoing consultations to determine the date for the second session of the Joint Economic Committee, read the statement.
Additionally, FM Abdelatty praised US support to development projects in Egypt, including education and health, and enhancing the role of the private sector in agriculture, tourism, and scientific research.
He reaffirmed to the delegation the crucial role played by AmCham Egypt in strengthening economic, trade, and investment cooperation between the two countries.
According to the Central Bank of Egypt (CBE), US investments represented the fourth largest source of foreign direct investment (FDI) inflows to Egypt during FY2022/2023.
US companies invested USD 2.3 billion, 10 percent of total FDI inflows to the country, in FY2022/2023, per CBE figures.
US non-petroleum capital stock totalled USD 2.4 billion injected into 1,824 businesses in Egypt, according to recent figures.
American firms have made major investments in oil and gas exploration and production in Egypt, according to AmCham Egypt.
Toward regional stability
The Egyptian top diplomat also reviewed with the AmCham delegation consultations between Egypt and the US on regional and international issues, including ways to end the war in Gaza, efforts to de-escalate tensions on the Israeli-Lebanese border, and ways to end the war in Sudan.
He outlined to the American delegation Cairo's key positions on these issues, stressing the need to contain regional tensions to safeguard international peace and security.
Abdelatty emphasized that resolving these tensions would create a favourable climate for the economic and investment opportunities available in the region.
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