The American Chamber of Commerce in Egypt Annual Doorknock Mission to the United States
During an event hosted by the U.S. Chamber of Commerce on Monday, the
Egyptian Minister of Finance kicked off a week-long visit by more than
40 top-level executives representing businesses in Egypt. The
“doorknock” mission, led by the American Chamber of Commerce in Egypt
(AmCham), arrives just after two Congressional Delegations, led by
Senator Lindsey Graham (R-SC) and House Speaker Paul Ryan (R-WI),
traveled to Egypt. Following his visit, Senator Graham called
for a “Marshall plan” for Egypt, Lebanon, and Jordan referring to the
economic assistance plan the U.S. Government provided to post-WWII
Europe.
Despite a myriad of challenges, both internally and on its borders, last
year Egypt’s economy grew at its fastest rate since 2010 (4.2%) and
Standard and Poor's raised its country outlook to “stable.”
Additionally, Egypt has embarked on a series of reforms aimed at
reducing the budget deficit, creating jobs and attracting foreign
investment. The Government has also increased electricity production by
150%, decreased fuel subsidies, enhanced food supply and implemented
policies to encourage private investment in renewables, such as the
introduction of a feed-in tariff.
Egypt has also forged ahead with its Suez Canal expansion plan, which is
forecasted to boost economic growth by creating 100 million jobs and
contributing up to 50% of GDP within ten years. Additionally, the recent
discovery of the Zohr offshore gas fields by the Italian energy company
Eni, could almost double Egypt's gas reserves. The gas fields, which are
thought to be the largest ever natural gas find in the Mediterranean
Sea, could position Egypt as a regional energy hub.
However, serious challenges do remain on the economic, security and
social levels.
The private sector in Egypt, represented by the AmCham delegation, is
dedicated to more fully integrating the country into the global economy.
Towards this goal, the AmCham delegation’s principal objective is to
deepen understanding between the United States and Egypt and to expand
private sector cooperation. During the visit, the delegates will discuss
specific actions both countries can take in order to successfully
enhance bilateral trade and investment.
Members of the delegation are available for media interviews
throughout the visit.
For more information on AmCham, please visit: www.amcham.org.eg
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Copyright Business Wire 2016
Source: Business Wire
(April 18, 2016 - 11:21 PM EDT)
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