Securing US investments

Securing US investments

Regardless of who is in the White House in Washington, the American Chamber of Commerce (AmCham) Egypt continuously communicates with both Democrats and Republicans in the US to promote Egypt-US trade and investment relations, Sherif Kamel, president of AmCham Egypt, recently told a virtual press roundtable.

According to Kamel, Egypt is an attractive environment for investors of all nationalities, including US investors. "Egypt is a huge and growing market,“ he said, adding that more than 1,300 US companies of all sizes were currently operating in Egypt in various sectors. The size of the trade exchange between the two countries last year was $8.6 billion, the largest in Africa, he added.

Such opportunities can be further enhanced as the country continues its economic-reform programme, Kamel said. "Through Egypt's reform programme, we have a higher chance of increasing trade exchange with the US, and I hope there will be greater direct investments, especially in non-oil sectors,“ he added.

Praising Egypt's economic reform efforts, Kamel said the effects of the Covid-19 pandemic on the Egyptian economy would have been harsher had the economy's indicators been those of 2013-15. Less than a year ago, Egypt's GDP growth rate was 5.8 per cent,