Sunday, April 11, 2021

Head of International Affairs Department at the American Chamber: The performance of the Egyptian economy encourages American companies to pump more investments

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American companies operating in Egypt are looking forward to cooperating with the Egyptian government to provide Corona vaccines to their workers and bear the costs

Meron Brillant, Executive Vice President and Head of the International Affairs Department at the American Chamber of Commerce in Cairo, praised the measures taken by Egypt, under the leadership of President Abdel Fattah El-Sisi, to implement the economic reform program, with its positive results.

This came during a meeting with Dr. Mustafa Madbouly, the Prime Minister, this evening with members of the American Chamber of Commerce in Cairo.

Brillant also praised the decisions taken by the government to confront the repercussions of the Corona pandemic, which are the measures that preserved the status of the Egyptian economy in the face of that crisis that swept the whole world, stressing that the performance of the Egyptian economy during the pandemic has proven successful compared to the economies of many other countries.

Meron Brilliant also thanked the President and members of the American Chamber of Commerce in Cairo for the hard work they exerted during the last period to ensure the sustainability and strengthening of the partnership between businessmen from the two countries, even during these exceptional times the world is going through.

In a related context, the Executive Vice President of the American Chamber of Commerce expressed his appreciation for the positive economic indicators achieved by Egypt, especially in light of the repercussions of the Corona crisis, including the reduction of the unemployment rate to 7.2% during the last quarter of 2020 and the noticeable decline in poverty rates to 29.7%, and the decrease in the rate of unemployment. Inflation reached 5.7% during the fiscal year 2019/2020, which is what drives American companies to encourage more investments in Egypt.

He pointed out that the Chamber’s top priority is to strengthen partnerships between the Egyptian-American business community in the priority areas, and the Chamber intends to continue providing support to private sector companies, and to contribute to attracting more American investments to the Egyptian market. To make the most of the promising opportunities and possibilities.

In this regard, he reviewed three sectors that are a priority for members of the Chamber, which included the aspiration to take advantage of the diverse and growing potentials in the health sector in general, as well as exploiting the emerging opportunities in the renewable energy sector, by enhancing the participation of the private sector in implementing the “green economy” policy. Adopted by the Egyptian government.

He praised the interest that the Egyptian political leadership attaches to transforming Egypt into a regional energy hub in the region. As for the third sector, it is to deepen bilateral economic relations and move them to broader horizons, especially in the field of intra-trade.
He pointed out that the “door knocking” missions organized by the American-Egyptian Chamber of Commerce in cooperation with the Egyptian-American Business Council, on a regular basis, will take place during the coming period through video conference technology.

In conclusion, he expressed the Chamber’s aspiration to work with the Egyptian government to create a more attractive environment for American investments, to develop attractive, fast and effective proposals to improve them and overcome obstacles, and to enhance the role of the private sector to contribute to the development of the Egyptian economy during the coming period.

For his part, Dr. Mostafa Madbouly commented on the statement of the CEO of the American Chamber of Commerce, saying: As I mentioned earlier, Egypt has already begun to take serious steps towards structural reform of the Egyptian economy, which resulted in a strong improvement in economic performance indicators, with the testimony of international economic institutions. .

He explained that with regard to granting the private sector more space to participate in development projects, the government launched the National Program for the Development of Egyptian Rural Villages with investments amounting to 500 billion pounds, fully implemented through private sector companies of contractors and suppliers, in addition to that the implementation of the program actually provides effective participation To the private sector, by supplying components and basic materials for the project, either through local private sector companies or through their foreign partners, including American companies.

The Prime Minister stated that the government intends to pump large investments during a timeframe of 3-5 years to support development projects, of which the private sector is expected to get the largest share.

On the other hand, Omar Muhanna, Chairman of the Egyptian-American Business Council, reviewed the efforts of American companies operating in Egypt in supporting the health sector, especially in light of the Corona pandemic crisis, which included the provision of respirators and personal and preventive protection tools.

He added that a large number of American companies operating in Egypt have expressed their aspiration to cooperate with the Egyptian government in providing Corona virus vaccines for their workers, and their willingness to bear the costs of these vaccines.

For his part, Dr. Mustafa Madbouly welcomed this proposal, noting that the government encourages the private sector to contribute to providing vaccines for its workers. The Prime Minister explained that the state has contracted a large number of vaccines from various companies and intends to direct them to priority groups for free, such as those entitled to the “Takaful and Dignity” program and the most needy groups.

The article, head of the International Affairs Department of the American Chamber: The performance of the Egyptian economy encourages American companies to pump more investments. It was written in the Al-Borsa newspaper.

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