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Tuesday, 18 May 2021

Egyptian economy shows resilience in COVID-19 crisis, has high investment potential: Egypt ambassador to US

The ambassador said that Egypt is different today than it was a few years ago, and the economy has high potential that can be tapped into by American businesses

Doaa A.Moneim , Wednesday 10 Mar 2021
Motaz Zahran
A still photo of Egypt's Ambassador to the US Motaz Zahran during the event
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Egypt is showing resilience in navigating the ongoing COVID-19 crisis thanks to its economic reform program, launched in 2016, and the actions the government has taken to contain the pandemic and its related socio-economic repercussions, said Motaz Zahran, Egypt’s Ambassador to the US.

Zahran made his comments on Wednesday during a virtual event organised by the US-Egypt Business Council in Washington, in collaboration with the American Chamber of Commerce in Egypt (AmCham), to release the ‘Egypt & The United States: A Shared Future’ report, which sheds light on US companies’ engagement in social development in Egypt.

Zahran said that Egypt had managed to attain the highest macroeconomic indices among emerging markets prior to the COVID-19 crisis, especially in curbing unemployment and inflation as well as increasing the country’s economic growth to nearly 6 percent.

He also pointed out that the bilateral relations between Egypt and the US in navigating the pandemic was indispensable, adding that despite the interruption that the pandemic caused to the global supply chains and trade movement, trade between the two sides was not interrupted, especially in the agriculture sector.

“The American companies’ projects and initiatives that focus on social development, including education, health and financial inclusion, have helped a lot of Egyptians,” said Zahran.

He added that today Egypt is different than it was a few years ago, and now has high potential that can be tapped by American businesspersons.

He also noted that Egypt is witnessing a boom in its economy, infrastructure, small and medium-sized enterprises (SMEs) and other sectors that represents high potential for US investors, especially since Egypt is the biggest receiver of US investments in Africa.

Concerning the energy sector, Zahran mentioned that Egypt targets to be an energy hub in the region, while aiming to secure 50 percent of its power needs through renewable resources in the coming few years.

During the event, four mega US companies working in the Egyptian market, in addition to the AmCham Foundation, reviewed their social initiatives that have benefited thousands of Egyptians in their careers and lives.

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