Egyptian Businessmen’s Association (EBA) board, headed by Hussein Sabour, has held a meeting in Cairo on Tuesday with US Commerce Department Deputy Under Secretary for International Trade Kenneth E. Hyatt and a delegation of 11 US companies working in energy and infrastructure.
A press release by EBA said the meeting tackled the bilateral trade and investment ties as well as Egyptian businessmen vision over mechanisms to encourage and develop trade and investment.
Sabour tackled the main projects recently proposed by the government, on top of which is the new Suez Canal project, establishment of silos and the logistic area in Damietta as well as development of the northern coast.
Despite challenges that Egyptian economy faces, many chances that would yield investment profits are present, Sabour said indicating many reasons of the huge consuming market and trade agreements and ties between Egypt and Arab and African countries that allow passage of merchandise to diverse and huge market.
Meanwhile, Ayman Qurra, vice-chief of EBA, stressed importance of encouraging US firms to invest in Egypt through transferring technology.
The most important sectors that could witness cooperation with US, according to Qurra, are sectors of new and renewable energy, transportation, logistics, information technology, industries, engineering consultancy and retail business.
Amr Allouba, EBA secretary general, said the United States is an important trade partner to Egypt and that investment and trade ties are in ongoing development. He stressed necessity to establish trade partnership with small- and medium-sized companies as well as mulling other mechanisms of bilateral cooperation in all fields.
Magd Eddin al-Manzalawy, member of EBA board, called for cooperation with US in developed and industrial fields, beside energy projects, transferring of technology and focusing on technical support for companies to encourage trade exchange between Egyptian and US companies.
Mohamed Youssef, EBA executive director, called for striking agreement of cooperation with Egyptian and US business organizations to facilitate exchange of information and sending delegations of businessmen to the two countries to develop trade exchange.
Visits of US delegations will be organized, said US Undersecretary Hyatt. A delegation will be sent in March including companies working in security and safety technologies. Another delegation of companies working in pharmaceutical and medical industries and requirements will be dispatched in May.
Hyatt also urged Egyptian businessmen to organize a visit of an official trade delegation to US.
