35 Egyptian companies on a business trip to U.S. next week

CAIRO – 21 April 2017: A delegation of nearly 35 Egyptian companies will head to Washington next week, on a business trip to discuss new investment and trade opportunities, U.S. Chamber of Commerce announced Friday.

The announcement came during a meeting between members of the U.S. Chamber of Commerce and Minister of Investment and International Cooperation Sahar Nasr in Washington DC. Nasr arrived to the U.S. last week to attend the Spring Meetings of the World Bank Group and the International Monetary Fund Washington, D.C.

The American Chamber of Commerce in Egypt is preparing for the visit, in cooperation with Egypt-U.S. Business Council (EUSBC).

EUSBC’s Chairman Omar Mohanna told Egypt today, “The mission will discuss investment and trade opportunities between Egypt and the U.S., which are expected to witness a hike after Trump’s election as U.S. President and thanks to the various free trade agreements signed between Egypt and Arab Countries, Europe and Africa.”

U.S-Egypt bilateral trade dropped to $5 billion in 2016, down from $7.9 billion in 2015, due to “the restrictions imposed on imports by the Egyptian government,” Mohanna Explained.

The relations between Egypt and the U.S. have seen a recent improvement, which was reflected in Sisi’s first state visit to the U.S. early April, upon an invitation from President Donald Trump.

U.S. investments are among the top ten foreign direct investments in Egypt worth $23.7 billion, including 1221 companies in various sectors of industry, services, construction, finance, agriculture, tourism, communications and information technology.