Delegation of 50 U.S. companies to visit Egypt in October: AmCham

CAIRO – 17 March 2018: A delegation of 50 big American companies will be visiting Egypt in October, Head of the American Chamber of Commerce in Egypt (AmCham) Tarek Tawfik told reporters on the sidelines of the Door Knock mission in Washington.

He said that the visit will give the chance for American companies to know about the investment opportunities in Egypt.

Tawfik said that this year’s mission is different as Egypt’s economic reform program starts to bear fruits.

He referred to the legislative reform, such as the new investment law, the flotation of the Egyptian pound and slashing subsidies.

He said that during the meetings, the American side has praised the reform steps led by President Abdel Fatah al-Sisi, who risked his popularity to implement the reforms.

Tawfik added that the American side said that they observed a close relationship between Sisi and U.S. President Donald Trump, which was reflected in the visit of US senior officials to Egypt recently.

Concerning investment, Tawfik said that American companies are now expanding in Egypt and that there is a good appetite to invest in Egypt; however bureaucracy should be addressed because 90 percent of small and medium companies cannot deal with bureaucracy unlike multinational companies.

Tawfik added that the government is currently working on addressing this issue, saying that measures have already been introduced to facilitate procedures for investment.

Members of AmCham arrived in Washington DC on March 11 to start the annual “Door Knock” mission in Washington.

The mission, which took place from March 11-16, aimed to promote investment in Egypt. The delegation included 35 Egyptian companies.

Bilateral Trade between Egypt and the U.S stood at $5.61 billion in 2017, compared to $4.97 billion in 2016, increasing by 13 percent, Trade Minister Tarek Kabil said last month.

The most prominent Egyptian exports to the U.S include readymade garments, textiles, fertilizers, iron and steel, vegetables and fruits, while imports from the U.S include soya beans and civil aircrafts, Kabil said.

U.S investments in Egypt currently stand at $2.4 billion represented in 1,222 projects in the fields of industry, services, construction, agriculture, communication and information technology, the minister said.

He added that the U.S. investments in Egypt represent around 35.4 percent of the U.S’s total direct investment in Africa and 46.2 percent of its investment in the Middle East.

Additional reporting by Abdel Halim Salem