El-Sisi discusses local projects with US businessmen

Ahram Online, Tuesday 23 Sep 2014

Egypt's president discusses new projects with American businesspeople to encourage foreign investment

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Egypt's presidential candidate and former army chief Abdel Fattah al-Sisi speaks during an interview with Reuters in Cairo May 14, 2014. (Photo: Reuters)

Egypt's President Abdel-Fattah El-Sisi has presented two projects in meetings with American businesspeople during his visit to New York for the UN General Assembly session.

Minister of Supply Khaled Hanafy told journalists in New York that El-Sisi discussed new Egyptian tourism and trade projects, state news agency MENA reported, in an effort to attract US investment.

The projects are aimed at creating thousands of job opportunities and promoting Egyptian products.

El-Sisi discussed a new tourist shopping city project, on the Red Sea's Gulf of Suez near Ain Sokhna port, that would need LE40 billion, according to Hanafy, and would create half a million new jobs.

The president also discussed a project that hopes to make Egypt "a logistic centre to receive and trade grain in the Middle East," MENA said.

About a week ago, investment minister Ashraf Salman said Egypt will need private sector investment of at least LE200 billion ($28.57 billion) if it is to achieve its growth target of 3.5 percent by the end of the current fiscal year.

Meanwhile, El-Sisi and a number of Egyptian officials are conducting several meetings in New York on the sidelines of the UN 69th General Assembly session, to discuss pressing political and economic issues.

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