US Business Mission to Egypt (November 9-11, 2014)
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Executives from nearly 70 major U.S. companies will head to Egypt during the period from November 9-11 in a show of commitment to the economy's long-term prosperity and stability. The delegation of corporate executives organized and hosted by the US Chamber's US Egypt Business Council (USEBC), the Egypt US Business Council (EUSBC) and the American Chamber of Commerce (AmCham Egypt). This visit comes at a pivotal time, where Egypt's President Sisi just returned from a successful visit to the United States, during which he addressed the UN General Assembly and reassured the world that Egypt is on the right track. President Sisi also met with U.S. investors and senior representatives of some AmCham Egypt member companies to highlight potential opportunities as Egypt moves forward towards becoming a regional investment hub.
On the local level a series of significant reforms and national projects have been launched. The current government has made a fast start on economic reform; slashing costly fuel subsidies, raising taxes and devising infrastructure projects to secure long-term revenues and ease unemployment. Egypt's flagship project of expanding the Suez Canal, the strategic global shipping lane which brings in about $5 billion of revenue each year, adding to the country's foreign reserves; has been launched and L.E. 64 Bln in local funding has been raised in just one week. The Suez Canal Area Development Project launched by the government intends to transform the Suez Canal area into an economic international hub that will contribute to long-term development socio-economic and strategic objectives including: increase export, provide international maritime services, logistics, industrial, and urban development, diversify and expand existing activities in the region, ensure long-term economic growth by integrating such activities and attracting foreign investment, create jobs, investment opportunities and promote efficiency of the Egyptian labor, increase volumes of cargo transport and the revenues of Suez Canal, increase the share of multimodal operations, magnify the role of the multimodal transportation, providing strategic depth in Sinai through development. This mega project is set to attract huge investments in the sectors mentioned above.
These recent updates have sent out waves of optimism among investors who are looking for lucrative investment opportunities in one of the region's most stable economies.
This visit is set to shed the light on many available opportunities for U.S. investors within a number of key sectors. The business delegation will include regional heads of many of the biggest multinationals across a range of industries. The visiting delegation is one of the largest U.S. Chamber of Commerce business missions to Egypt and will be accompanied Chairman of Apache Corporation and Chairman of the U.S. Egypt Business Council, Steve Farris, President of AmCham Egypt, Anis Aclimandos and Omar Mohanna Chairman of the Egypt-US Business Council.
During this visit, the delegation is expected to meet with Egypt's President Sisi, the Prime Minister, other cabinet members and business leaders.
Egypt is an important economy in a region of great strategic importance to the U.S.; the U.S. is strongly interested in Egypt's strong and inclusive economic growth; its ability to expand job opportunities for its people and in its increased integration into the regional and global economy through the growth of trade and investment. The U.S. sees enormous opportunities for both countries that are yet to be explored and is very keen on supporting efforts to reignite Egypt's economy.
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