Trade min. says US investments in Egypt hit $21.8 billion

CAIRO - 22 October 2020: Minister of Trade and Industry Nevin Gamea has said that the volume of US investments in Egypt currently stands at USD 21.8 billion.

 

Those investments cover the sectors of industry, services, construction, financing, agricultural, tourism, telecommunications and information technology.

 

She went on to say thattrade exchange between Egypt and the US hit USD 8.6 billion in 2019, compared to USD 7.5 billion in 2018.

 

Gamea made the remarks on Thursday during her meeting with a US State Department delegation led by Under Secretary of State for Economic Growth, Energy, and the Environment Keith Krach.

 

During the meeting, the trade minister lauded the strategic and long-standing ties between Egypt and the US at all levels, noting that the US market is a key export destination for a large number of Egyptian products.

 

She said that the Egyptian and American political leaderships pay great attention to fostering bilateral economic cooperation, with a view to making a quantum leap in intra-trade rates and increasing investments of American companies working in the country.

 

Gamea noted that she probed with the American delegation the possibility of cementing bilateral cooperation in the sector of small and medium-sized enterprises, for being a key pillar in the national economy.

 

On his part, Krach said that the US is keen on boosting cooperation with Egypt, which he described as a strategic partner.

 

The US official asserted that Washington seeks to strengthen its economic partnership with Cairo, especially as the Egyptian market is the main gateway for US exports to a large number of countries in Africa and the Middle East.