This week, Egypt’s Minister of Trade and Industry Amr Nassar announced that a delegation of representatives from 60 major U.S. companies will visit Egypt later this year. The visit will allow U.S. companies to explore investment opportunities in Egypt, as Egypt’s new investment law has turned the country into a major regional hub for foreign direct investment.
Read more about how U.S. companies are looking to Egypt as an attractive investment opportunity as well as other news you may have missed about Egypt in this week’s email, including:
- President El Sisi Meets World Jewish Congress President
- 60 U.S. Companies to Visit Egypt in October
- Egypt to Build New Religious Tolerance Museum
- Egypt, Israel And U.S. To Hold QIZ Tripartite Meeting In Cairo by Year-End
- World Bank Loan to Help Fund Expansion of Health Care Services
- Forbes: “Why 2018 is The Year to Visit Egypt”
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Embassy of Egypt
PRESIDENT EL SISI MEETS WORLD JEWISH CONGRESS PRESIDENT
On Sunday, 29 July, President Abdel Fattah El Sisi met with the World Jewish Congress’ President Ronald Lauder in Cairo. According to a statement released by the Office of the Presidency, President El Sisi “emphasized Egypt’s commitment to advancing its strategic relations with the U.S. and to further engaging with the various segments of American society.” President El Sisi also “reviewed Egypt’s efforts to reach political solutions in crises in the region based on the principles of respect for the countries’ sovereignty and territorial integrity and on the non-interference in their domestic affairs.” The meeting also touched on a number of regional issues, including the Middle East peace process. President El Sisi asserted that “achieving Palestinian reconciliation and the return of the legitimate authority to assume its responsibilities in the Gaza Strip will help advance attempts to resume negotiations between the Palestinians and Israelis and to reach a just and comprehensive solution to the Palestinian issue.”
60 U.S. COMPANIES TO VISIT EGYPT IN OCTOBER
This week, Minister of Trade and Industry Amr Nassar announced that a delegation of representatives from 60 major U.S. companies will visit Egypt later this year to explore investment opportunities throughout Egypt. According to Al Mal, Minister Nassar said that close relations between Egypt and the U.S. are the cornerstone for achieving further economic and trade cooperation between the two countries. He also highlighted that the Ministry of Trade and Industry is working hard to create an attractive investment atmosphere in Egypt through improved legislation. The upcoming visit of U.S. companies is being organized by the American Chamber of Commerce, in cooperation with the Egyptian-American Business Council.
EGYPT TO BUILD NEW RELIGIOUS TOLERANCE MUSEUM
This week, Minister of Antiquities Khaled Anany announced a committee will be appointed with the task of creating Egypt’s first-ever museum dedicated to religious tolerance. The new museum will feature ancient Egyptian artifacts, including pieces stemming from Jewish, Islamic and Coptic civilizations, all while highlighting Islam’s teachings of tolerance, according to Egyptian Streets. Also this week, President El Sisi publicly reiterated the importance of renewing Egypt’s religious discourse while speaking at the 6th Annual Youth Conference, held at Cairo University. Following the conference, President El Sisi met with Prime Minister Moustafa Madbouly and Minister of Religious Endowments Mohamed Mokhtar Gomaa, and issued directives to confront extremist and terrorist ideologies through promoting the true, moderate message of Islam. According to the State Information Service (SIS), President El Sisi called for better training for imams and preachers, and ordered that a database of mosques and Ministry of Endowments properties be created with the aim of starting the rehabilitation program.
EGYPT, ISRAEL AND U.S. TO HOLD QIZ TRIPARTITE MEETING IN CAIRO BY YEAR-END
Last week, Egyptian and Israeli officials held a joint commission meeting in Cairo to discuss ways to expand the reach of the Qualified Industrial Zones (QIZ) protocol, a program which supports industrial collaboration between Egypt and Israel. According to Amwal Al Ghad, the two countries agreed to hold a tripartite meeting in Cairo with U.S. officials to boost cooperation under the QIZ protocol by the end of the year. The Israeli delegation met with senior officials from the Egyptian Ministry of Trade and Industry, officials from the U.S. Embassy in Cairo, and Egyptian business leaders including the former chairman of the Egyptian-U.S. Business Council. The QIZ protocol allows products jointly manufactured by Egypt and Israel duty-free entry into the U.S., Egypt must contribute at least 11.7% of this this value-added, while Israel must contribute 10.5% value-added.
WORLD BANK LOAN TO HELP FUND EXPANSION OF HEALTH CARE SERVICES
Following the approval of a $530 million World Bank loan, Egypt is advancing plans to upgrade its public health care services and implement a universal health insurance plan. According to Arab Finance, the loan will go towards the five-year, $992 million ‘Transforming Egypt’s Healthcare System Project,’ which aims to upgrade around 600 primary health care facilities and 27 hospitals. The planned improvements to Egypt’s medical facilities come as the government is expanding health insurance coverage through a new universal health care program. The new universal insurance program was designed to encourage private sector participation, and will be incrementally rolled-out through 2032.
FORBES: “WHY 2018 IS THE YEAR TO VISIT EGYPT”
On 21 July, Forbes magazine ran a piece entitled, “Why 2018 Is The Year To Visit Egypt,” by Allison DeLiegro. In the piece, DeLiegro writes that “Today, the country is stable and ready to welcome travelers back,” noting that “there were 8.3 million tourists in 2017, and the 2018 numbers look even more promising.” Highlighting Egypt’s cultural and historic attractions, DeLiegro also surveyed Egypt’s many fine hotels and accommodations for tourists in Cairo, Luxor, and Aswan.