The Minister of Industry and Transport, Kamel Al-Wazir with the American Ambassador to Egypt, Herro Mustafa and officials from both sides during a meeting in Cairo on Tuesday 23 July, 2024. Photo courtesy of Ministry of Transportation website.
The meeting tackled potential investment opportunities between the two countries, read a statement by the Egyptian Ministry of Industry and Transport.
The meeting comes nearly two months ahead of the highly anticipated Egypt-US strategic dialogue in Cairo, followed by the convening of the joint Egyptian-American economic committee in Washington.
El-Wazir invited American companies to capitalize on investment chances available in Egypt, especially in the fields of industry localization (renewable energy and green hydrogen production), logistics and energy.
El-Wazir reviewed the logistical zones across the country such as Saloum, Rafah, Arkeen and Kastal. These zones, he added, are connected to railways, ports and main roads.
He also spotlighted cooperation chances in the fields of transportation manufacturing and auto manufacturing, according to the statement.
He highlighted the chance for collaboration with an American company in the manufacturing and operation of the fourth high-speed rail line – currently under development and set to connect Port Said and Alexandria.
Minister El-Wazir expressed Egypt’s readiness to become a manufacturing and export hub for American goods within these designated fields, the statement added.
For her part, Ambassador Mustafa said one of the US companies involved in auto manufacturing in the Egyptian market is on track to celebrate a major milestone - producing its one million vehicles in Egypt next month.
She praised Egypt’s achievements in the field of transport, including the Suez Canal expansion as well as the new Arish airport development, saying these steps are testaments to the country’s commitment to modernizing its transportation network.
Such efforts have propelled the country's ranking in road quality from the 118th place to the 18th place globally, Mustafa added.
Bilateral Economic Ties
According to the Office of the United States Trade Representative, the US Foreign Direct Investments (FDIs) in Egypt reached $12.7 billion in 2022, marking an 8.6 percent rise from the year 2021.
On the other hand, the FDIs of Egypt in the US reached $49 million in 2022, a 6.5 percent increase from 2021.
The US ranked Egypt's third-largest trading partner in 2023, following the UAE and China, with a total trade volume of $6.9 billion as per the American Chamber of Commerce in Egypt.
The bulk of Egypt’s exports to the US in 2023 were textiles and apparel at a value of $1,2 million, down from $1609.2 million in 2022.
Photo courtesy of American Chamber of Commerce in Egypt.
The country's mineral fuels imports - which include petroleum - dropped from $1,3 million in 2022 to $939.4 million in 2023, a 28.7% decrease.
In contrast, imports of railways and locomotives skyrocketed, recording a 402.9% rise compared to a year prior.
Photo courtesy of American Chamber of Commerce in Egypt.
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