US official: US will help Egypt face economic challenges

President Barack Obama’s administration is keen on supporting Egypt in the face of current economic challenges, said US Commercial Counselor Margaret Keshishian.

Keshishian noted that the announcement, made by the foundation supporting US investments abroad, provided guarantees and facilitations estimated at US$2 billion for US companies operating in the Middle East. She went on to say that the US Embassy intends to re-activate a proposal for the formation of a trade delegation made up of major US companies to visit Egypt in the near future.

Representatives of American companies investing in Egypt said they are very interested in being present in the Egyptian market despite the current circumstances. It is worth noting that the US is ranked second on the list of foreign investors in Egypt, in addition to a trade exchange amounting to US$7 billion between the two countries in 2010. The representatives also said they are committed the principles of free markets and fair competition with a concern for social justice.

The statement came during a workshop held by the General Authority for Investment (GIA) on Wednesday concerning US investments. The event, which was held at the GIA headquarters in Cairo, targeted national investment projects in Egypt.

The event’s participants included Keshishian, Neveen Omran al-Shafei, Vice Chairman of the Egyptian GIA, and Rania Zayed, head of the Public-Private Partnership Central Unit at Egypt's Ministry of Finance, and representatives of 12 US companies working in Egypt or interested in entering the Egyptian market.

Translated from the Arabic Edition

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