‘Knock Door’ starts its mission in Washington Sunday

CAIRO – 11 March 2018: Members of the American Chamber of Commerce in Egypt (AmCham Egypt) arrived in Washington DC on Sunday to start the annual “Door Knock” mission in Washington.

The Knock Door mission lasts for five days from March 11 until 16 to promote investment in Egypt. The delegation includes 35 Egyptian companies.

The AmCham Egypt delegation highlights the progress of the economic reform measures undertaken by the government and their impact on businesses.

It also shares their perspective on issues of importance to the bilateral strategic relationship, and clarifying common misconceptions and discusses opportunities for engagement on a strategic level.

Head of the AmCham Tarek Tawfik said that the mission will hold a series of meetings with a number of American companies and financial institutions as well as meetings with American policy makers, banks, research centers and congressmen to discuss ways of boosting trade and investment ties between Egypt and the U.S. over the coming period.

Egyptian officials held meetings with the travelled delegation before the trip to transfer the Egyptian economy’s image in order to encourage further enhancement of the American investments in Egypt as well as further increase in the trade exchange between the two countries.

Foreign Minister Sameh Shoukry, Trade Minister Tarek Kabil, Minister of Finance Amr al-Garhy and Deputy Minister of Finance for Financial Policies Ahmed Kojak sat with the delegation as a part of the mission’s preparation program.

Shoukry ‘s meeting summarized the outcome of the recent visits made by the U.S. senior officials to Egypt, including the latest visits of U.S. Vice President Mike Pence and Secretary of State Rex Tillerson to Cairo.

Minister of Finance Amr al-Garhy displayed the progress of the Egyptian economy in his meeting with "Door Knock" delegation members that was organized by the American Trade Chamber (AmCham) in Cairo.

Garhy said that Egypt took several steps in the financial and legislative sectors in order to achieve comprehensive and sustainable reforms of the national economy.

He further clarified that in terms of financial reforms the government liberalized the exchange rate to reduce inflation, approved and implemented the VAT law, started the development and implementation of a smart system for electronic payment and collection of financiers and introduced the electronic tax filing service.

Kabil discussed the bilateral trade between Egypt and U.S., pointing out that President Abdel Fatah al-Sisi’s visit to Washington last year has paved the way for a new era of political and economic relations between Egypt and the U.S.

According to the AmCham in Egypt, the stock of U.S. direct investment in Egypt stood at $22.6 billion in 2016, representing 35.4 percent of U.S. direct investment in Africa and 46.2 percent of U.S. direct investment in the Middle East.