On 2 August, Egypt and the United States will launch a Strategic Dialogue in Cairo. This is a critical opportunity for leaders of both nations to discuss our vibrant diplomatic, security and economic ties and position relations towards 21st century imperatives. This strategic partnership is built on mutual interest in promoting prosperity, stability and defeating the common threat posed by international terrorism.
The Strategic Dialogue comes as Egypt’s economy continues to expand and modernize for the benefit of all Egyptians. Egypt recorded $5.7 billion of Foreign Direct Investment (FDI) over the first three quarters of FY 2014/15 while the economy grew by 4.7 percent, compared to 1.6 percent growth over the same period last year. The U.S. continues to be one of Egypt’s key trading partners with nearly $8 billion in good and services exchanged between the countries in 2014. U.S. FDI in Egypt totaled $2.1 billion, representing 32 percent of its total FDI in Africa.
The Big Three credit rating agencies—Moody’s, Fitch and S&P—have all upgraded Egypt’s standing and positively revised their outlooks. Meanwhile, Egypt has signed several deals announced at the highly successful Egypt Economic Development Conference (EEDC). This includes a gas turbine trade deal with General Electric (GE) worth $1.7 billion and a $9 billion deal with Germany’s Siemens to supply gas and wind power plants that will boost Egyptian electricity generation by 50 percent.
Egypt’s tourism industry, a key economic sector, continues to experience strong growth. The first quarter of 2015 saw a 6.9 percent increase over the same period last year in the total number of foreign visitors to Egypt, including a 30 percent increase in the number of American tourists alone.
On the security front, Egypt continues to take a leading role in ensuring regional stability and security. In 2014, Egypt led efforts to achieve a cease-fire between Israelis and Palestinians in Gaza. Today, Egypt is playing a key role in the international community’s efforts to restore stability and establish a national unity government in Libya. Egypt also recently hosted a conference in Cairo of Syria’s secular opposition leaders to help forge a sustainable political solution to the crisis there. Meanwhile, Egypt’s Navy safeguarded the Red Sea from hostilities in Yemen as part of the U.S.-backed Operation Decisive Storm. Egypt is working closely with the U.S. to combat violent extremism and is a coalition partner alongside the U.S. against the Islamic State terrorists in Iraq and Syria (ISIS), with Egypt providing intelligence and eliminating key sources of funding and recruitment.
For more information, please see the Factsheet titled “Egypt & The United States: A Dynamic Partnership,” which highlights the strategic, security, economic and cultural foundation of the Egypt/U.S. partnership.