WASHINGTON--(BUSINESS WIRE)--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
