On Monday, 18 September, President Abdel Fattah El Sisi met with several groups representing the US business community including the Business Council for International Understanding, the Egypt-US Business Council and the US Chamber of Commerce.
According to statements released by the Office of the Presidency, President El Sisi noted during his meetings “that the Egyptian government is seriously keen on attracting investments to significantly improve the economy” and “lauded the Egyptian people’s understanding of the harsh economic decisions that were taken to address structural imbalances in the economy so as to create a better future”.
According to the statements, President El Sisi “gave an overview of the progress made in Egypt in the past years in terms of reinforcing security and stability, in spite of the tense regional situation” and outlined “economic reform measures that have resulted in stabilizing the foreign exchange market and the remarkable increase in foreign exchange reserves, as well as adopting measures to reform the subsidy system and to enhance and encourage investment.” President El Sisi further “affirmed Egypt’s keenness on implementing economic reform in tandem with expanding social protection nets so as to enable limited income and the most vulnerable brackets to face the consequences of the economic decisions.”
For more information, see the below releases from the Office of the Presidency.
President El Sisi Attends BCIU Business Dinner
President Abdel Fattah El Sisi attended on Monday evening a business dinner organized by the Business Council for International Understanding (BCIU).
The President and CEO of BCIU, Mr. Peter Tichansky, welcomed President El Sisi and lauded ongoing development in Egypt as well as the serious decisions that have been taken. He affirmed the Council’s keenness on supporting economic cooperation between Egypt and the US across various fields and enhancing the investment activities of US companies in Egypt.
President El Sisi noted that the Egyptian government is seriously keen on attracting investments to significantly improve the economy. He also lauded the Egyptian people’s understanding of the harsh economic decisions that were taken to address structural imbalances in the economy so as to create a better future.
The President reviewed the government’s plans to reinvigorate the economy and to offer a climate conducive to investment, referring to the construction of new cities across Egypt, for instance, in addition to the availability of 240 million square meters of logistics and industrial areas within the Suez Canal development area for investment in all fields, including petrochemical industries, pharmaceuticals and information technology. This is in addition to offering investment opportunities in the field of renewable energy, given Egypt’s potential and solar and wind energy resources.
President El Sisi looked forward to having US companies enhance their activities in Egypt, given that the Egyptian market is sizeable. This is in addition to the possibility of exporting to countries and economic blocs with which Egypt shares trade agreements in the Arab region, Africa and Europe.
Egypt’s minister of investment and international cooperation gave an overview of the economic and legislative reforms that are currently being implemented, particularly the new investment law and other measures such as the establishment of a service center for investors, and the automation of procedures so as to speed the process of establishing companies. She also noted that Egypt’s ranking in the ease of doing business index has improved, which demonstrates efforts to enhance the investment climate and to overcome obstacles. The minister of social solidarity also outlined measures to enhance health insurance by strengthening partnership with the private section to provide better services.
The President and the Council’s members engaged in an opening dialogue, during which they expressed their appreciation for the vast economic reforms taking place in Egypt and affirmed the importance of reinforcing relations between Egypt and the US.
President El Sisi Attends Egypt- U.S. Business Council, U.S. Chamber of Commerce Business Luncheon
President Abdel Fattah El Sisi attended on Monday a business luncheon hosted by the Egypt- U.S. Business Council and the U.S. Chamber of Commerce, with the participation of a number of CEOs of leading US corporations operating in various sectors.
The Chairman & CEO of the Apache Corporation and Chairman of the Egypt- U.S. Business Council, Mr. John Christmann, welcomed President El Sisi’s visit to New York and lauded the measures that Egypt has taken to improve the economic situation and encourage investment. He affirmed the Business Council’s determination to continue boosting trade and economic cooperation between the two countries in various fields. The Vice President of the U.S. Chamber of Commerce, Mr. Myron Brilliant, referred to the multiple visits that the chamber organized for U.S. economic delegations to Egypt in the past years. He also reviewed the chamber’s various activities to promote trade between the two countries. He noted the formation of a working group to study the possibilities of establishing a free trade area between the two countries, in addition to proposing the organization of an investment forum in Egypt next year to present investment opportunities available for US companies.
President El Sisi expressed his appreciation for the role of the U.S. Chamber of Commerce and the Egypt- U.S. Business Council in supporting trade and economic relations between Egypt and the U.S. He expressed his keenness on regularly meeting with the chamber members, whether in the U.S. or Egypt, due to the importance of remaining in direct contact with representatives of the U.S. private sector so as to keep them abreast of developments in Egypt, particularly the economy that has witnessed positive developments within the framework of the economic reform measures adopted by the government. The President affirmed the importance of economic relations, as a pillar of the strategic relations between the two countries, which Egypt looks forward to reinforcing. He noted the need to advance efforts to conclude a free trade agreement between the two countries, which shall result in a significant increase in trade. The President stressed the importance of the private sector in supporting economic cooperation through increasing investment and transferring the know-how and expertise as well as enhancing trade so as to realize mutual benefits.
The President gave an overview of the progress made in Egypt in the past years in terms of reinforcing security and stability, in spite of the tense regional situation. This in addition to outlining economic reform measures that have resulted in stabilizing the foreign exchange market and the remarkable increase in foreign exchange reserves, as well as adopting measures to reform the subsidy system and to enhance and encourage investment. The President affirmed Egypt’s keenness on implementing economic reform in tandem with expanding social protection nets so as to enable limited income and the most vulnerable brackets to face the consequences of the economic decisions. The President also referred to the mega projects currently underway, mainly the Suez Canal Area Development Project, as well as the construction of the new capital and cities across Egypt. He added that Egypt looks forward to having more US investment in the country in the coming period.
The President and the CEOs of major US corporations engaged in an open discussion, during which they lauded the outcomes of the economic reform program in Egypt and expressed their interest in doing and expanding business in the Egyptian market. Investment opportunities in various sectors, including infrastructure, logistics, communications and IT, energy, pharmaceuticals and auto industry, were also outlined. This was followed by responding to the inquiries of the representatives of US corporations and discussing their investment plans in Egypt as well as their cooperation proposals in a number of fields. Egypt’s minister of investment and international cooperation presented the key aspects of the ongoing economic reform program, ongoing cooperation between Egypt and international financial institutions and measures to facilitate the business environment and to encourage investment, including the endorsement of the new investment law.
The President affirmed that Egypt is keen on staying in contact with US investors to know the problems they face and to work on overcoming them.