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President Sisi receives American business community delegation

Sunday، 30 October 2016 - 05:09 AM

President Abdel Fattah El Sisi received on Monday 24/10/2016 a delegation from the American business community, headed by senior adviser to US Secretary of State for Economic Affairs, Ambassador David Thorne. The delegation comprised representatives of about fifty major US companies of various sectors. 

The meeting was attended by foreign ministers and ministers of telecommunications, petroleum, trade, industry, finance and investment, as well as the US Ambassador.

The President started the meeting welcoming the American delegation, stressing the importance of the Egyptian-American  strategic relations along with Egypt’s aspiration to reinforce cooperation and coordination with the new US administration regarding issues of common interest, in a way to enable the two countries to address the current regional and international challenges.

He also marked the positive meetings he held last month in New York with representatives of the American business community, where they had the opportunity to discuss means of cooperation and implementation of new investment projects.

President Sisi presented the national projects that are  being implemented, on top of which is the Suez Canal zone development project, as well as the efforts exerted by the Government to realize further economic reforms, referring to the Initial agreement reached with the IMF and the state's determination on providing the suitable atmosphere to attract and encourage foreign investment.

The President praised the good reputation enjoyed by American companies in the Egyptian market, alluding to the importance of increasing the volume of trade exchange and American investments in Egypt in  accordance to the great potentials of the two countries. He also underlined Egypt’s keenness on communicating with investors to identify the problems and obstacles facing them and work to overcome them.

El Sisi stressed that the Egyptian exports of agricultural and food commodities enjoy the American standard specifications defined by the concerned US authorities, noting that they are saleable in the US market. The Spokesman added that Ambassador David Thorne  highlighted, during the meeting, the strategic partnership , business and investment relationships between Egypt and the United States. He also underlined that the stability of the Middle East is pivotally based on that of Egypt and that his country supports Egypt’s economic reform program.

He also praised the determination of the political leadership in Egypt to continue economic reform efforts despite the challenges facing Egypt during the past period, confirming the existence of real opportunities for the advancement of the Egyptian economy during the next phase.

Ambassador, David Thorne said that the delegation of the American business community was keen to visit Egypt at this time to highlight the United States' support to the initial agreement reached by Egypt with the International Monetary Fund(IMF) and its keenness on coordinating with the major industrialized countries in order to provide the necessary funding for the agreement.

Ambassador Alaa Yousef said that the President responded to inquiries by representatives of US companies on the economic developments in Egypt, some of which addressed political issues. In response to a question on the future of the Egyptian-American relations, Sisi affirmed that the two countries’ bilateral relations are deeply-rooted as they have managed to pass the challenges they got prone to during the past five years, stressing his confidence that the coming period will witness ascending cooperation between the two countries.

In response to a question on the Egyptian Gulf relations, El Sisi stressed the strength and stability of those relationships being one of the most important fundamentals of Egypt's foreign policy. The official spokesman said  that the ministers of communications, petroleum, trade , industry, finance, and investment presented, during the meeting, the available investment opportunities in the various fields and efforts exerted by the government to better the performance of the  various sectors of the Egyptian economy, as well as legislative reforms undertaken by the government in order to provide an attractive atmosphere for investment such  as the establishment of the Supreme Council for Investment to develop the state investment policy and work to overcome all the obstacles facing the investors.

They also pointed to the rise of American investments in Egypt from $ 19.3 billion in 2013 to $ 21.3 billion at the end of 2014, adding that the American investments in Egypt represent about 30% of US direct investments in the African Continent, which renders Egypt the largest recipient of US Investments in Africa, expressing their aspiration to increase US companies investments in Egypt, taking into account the fact that Egypt has one of the highest investments revenue rates in the world, it also ranks fifth  as to global foreign direct investment flows over the past months.

Minister of Trade and Industry Tarek Qabil also stressed the importance of the US role in supporting the government's efforts to achieve all the economic targets and bringing the Egyptian economy back on track, noting the important role of the business community in both countries to support and promote the process of economic growth.

Qabil pointed out that the current period is witnessing vigorous government efforts to overcome all economic obstacles through an integral economic program targeting social priorities and a sustainable economic growth.

He stressed that the government attaches great importance to economic reform through the implementation of a comprehensive development strategy that will put Egypt among the top 30 countries worldwide in the field of economic and social development, pointing out that the 2030 Egypt's vision strategy is based on three key pivots: social justice, economic development and environmental protection and it aims at improving the living standard of the Egyptian people.

Qabil said the government is seeking to maintain Egypt's strategic status as an investment hub in the region through the launch of a number of giant projects in various strategic sectors,  pointing out that these sectors include the development project of the Suez Canal zone and reclamation project of 1.5 million acres and construction of 7000-km roads as well as the provision of 10 million square meters of industrial land and the construction of three new cities including the administrative capital in addition to projects of electric power generation and the development of ports and airports.

Qabil said that the Egyptian economy is currently facing some challenges, but at the same time hit a GNP growth rate last year by 4.2%, noting that the government targets to reach 6% next year , increase investments by 19% and reduce the fiscal deficit to 8.5% by the end of the fiscal year 2018/2019.

Qabil added that the government also amended a large number of economic legislations within the efforts exerted to overcome the economic problems hindering the development process, such as the law of imports log, which allows foreigners to directly import goods and the law of establishing food safety Commission .

Qabil pointed out that the ministry is due to announce an  integrated industrial development strategy based on the development of a number of sectors such as the automotive and engineering industries and building materials as well as small and medium projects development through an integrated system involving feasibility studies and technical support programs.

He pointed out that the ministry targets establishing 10 industrial complexes according to the latest technological systems.

President Sisi receives American business community delegation

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