president speech in Meeting of the American Chamber of Commerce
Thursday، 08 April 2021 - 02:21 PM
In the Name of Allah Most Gracious Most Merciful,
Ladies and Gentlemen,
It’s a great pleasure to join you today in this important event, which includes historical and prominent partners of Egypt in the economic field for many years and who have a distinguished role in supporting the economic cooperation between Egypt and the United States to continue as strong and open up wider horizons for cooperation and joint action to take advantage of the great opportunities that Egypt provides to its partners.
During my visits to the United States, I have always been keen to directly communicate with representatives of the American business community who are interested in working with Egypt with the aim of promoting a frank and direct dialogue about the opportunities and challenges that our joint work is witnessing. I believe that open channels between the state and its officials on the one hand, and the business sector on the other hand, is a necessity for the success in taking advantage of opportunities, facing challenges and difficulties, and achieving progress.
In light of the Corona pandemic, our endeavors and efforts should have never stopped to push forward the wheel of joint economic action. Therefore, I reiterate my thanks to all the officials in charge of organizing this event. On the official level, Egypt and the United States are linked with a strategic relationship that extends throughout four decades, where both parties are keen to take all necessary steps to strengthen such a relationship, expand its fields, and apply the appropriate scenarios for its development.
This strategic cooperation remains one of the most important pillars of stability and development in the Middle East. It also represents a fundamental guarantee for providing a climate of confidence and security for businessmen in the two countries; thus encouraging them to positively interact with each other for building strong and sustainable partnerships.
Ladies and Gentlemen,
Egypt's experience in reform and economic development is a model that I call upon you to deeply contemplate in order to take advantage of the economic and investment opportunities that it currently presents to the local and international business community. Since the outset of 2020 and despite the repercussions of the Corona pandemic, the Egyptian economy has remarkably succeeded to withstand on the global economy and realized the second largest economic growth rate at the level of the emerging economies with a 3.6% during the fiscal year 2019-2020, according to the estimates of the International Monetary Fund.
This comes against a backdrop that enables the Egyptian government to achieve a balance between preserving the citizen’s health and going on with the economic activity. This was done through providing various incentive packages to support the inflicted sectors and categories and reordering the priorities to focus on the following sectors: health services, education, telecommunications, information technology and digital transformation, not to mention paying due attention to the small and medium-sized enterprises sector.
Ladies and gentlemen,
The main message that I would like to convey to you today is that the Egyptian government attaches great importance to the private sector’s contribution to the development process, which includes providing decent and productive job opportunities, diversifying and developing production patterns, improving investment and the business environment, as well as completing the package of legislative reforms that we started in the first stage of the economic reform program, which all aim to simplify procedures for establishing projects and encouraging local and foreign investments.
The government also seeks to make the private sector an active partner in the implementation of major national development projects, on top of which is the New Administrative Capital project and the Suez Canal Economic Zone Project, which depends on the policy of integrated industrial complexes, maximizing the region’s role as a global and pivotal logistical center in global supply chains and developing work systems in ports and maritime services. This makes this region a global center for navigation, logistics and industry, taking into account the free trade agreements that include Egypt with various international economic blocs, which doubles the volume of the markets that an investor in Egypt can access.
Ladies and Gentlemen,
In conclusion, I would reiterate my call for you to get benefit from the great competitive opportunities offered by the Egyptian economy which is participating in the current and future major developmental projects witnessed by our countries, bearing in mind the importance of the economic and investment relations being a main factor in the strategic participation between both countries.
In the meantime, we are committed to continue the comprehensive economic reform that contributes in placing Egypt in the appropriate position concerning world trade and economy.