AmCham Egypt discusses bolstering US investment ahead of mission to Washington: PM Madbouly

Mohamed Hatem,Thursday 24 Mar 2022

Egypt’s Prime Minister Mostafa Madbouly met with a delegation from Egypt’s American Chamber of Commerce (AmCham) ahead of AmCham Egypt’s Limited Door-knock Mission to the US within the coming days, according to the Egyptian Cabinet.

Prime Minister Mostafa Madbouly in his meeting with the AmCham Egypt members in Cairo (Photo : Egyptian Cabinet)

During the meeting on Wednesday, which included heads of ministries and relevant bodies, Madbouly highlighted the mutual interest to establish a clear dialogue between the countries to find ways to bolster US investment and promote Egyptian-American business relations, particularly in areas of Egyptian manufacturing and production industries.

The last AmCham Egypt door-knock mission to Washington was in April 2019. 

As part of the meeting, Madbouly stressed the role the private sector currently plays in various Egyptian industries, adding that Egypt is doing everything it can to provide the best climate for investment and is ready to provide all the required incentives to strengthen partnerships between the two countries.

“We are ready to provide plots of land for serious investors to set up projects on them, as well as granting them the ‘golden license’,” Madbouly said.

The golden license is a fast-tracked, single-approval license that aims to support projects in sectors of developmental priority to Egypt, according to the Egyptian Regulatory Reform and Development Activity (ERRADA).

Egypt has already taken large steps in promoting sustainable development and creating a greener economy, Madbouly said, noting that the country is investing in a number of areas including information and communications technology, water treatment and desalination, renewable energy sources and public transport.

Egypt also received a delegation from the Egyptian-French Businessmen's Council that included representatives of 50 companies in various fields, as well as a German delegation that included the representatives of 16 additional companies, PM Madbouly said, citing the confidence of foreign companies to pump more investments into the Egyptian market.

Within this context, the PM called on American companies to begin increasing their investments in the Egyptian market in order to take advantage of the great business opportunities available in the country.

Egyptian President Abdel-Fattah El-Sisi in a statement last year during the inauguration of a major industrial complex in Assiut that some 4,475 private companies have participated in national development projects nationwide worth EGP 1.1 trillion, adding that the projects created jobs for more than 3 million families.

"We are very serious about involving private sector companies in national projects," El-Sisi stressed, assuring that "the state is one family of private and public sectors, and the ultimate goal is to achieve what is in the nation’s interest."

He added that new factories would collapse again if the same course of “borrowing” for development continues. 

In February, President El-Sisi instructed the government to continue to launch more Initial Public Offerings of state-owned companies to increase the ownership base at the Egyptian Stock of Exchange and lure direct investments.

Egypt is currently in talks with several national and international companies to manufacture battery-powered cars. It seeks to localise these environment-friendly cars, reduce dependence on fuels, and keep pace with global progress in the automobile industry.

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