Sisi receives delegation of 50 US companies

President Abdel Fattah El Sisi received on Monday a delegation from the US business community under Senior Advisor to the Secretary of State David Thorne.

The delegation groups representatives of about 50 US companies operating in the various sectors. 

The meeting was attended by the ministers of foreign affairs, communications, petroleum, trade, industry, finance, investment along with the US ambassador to Egypt. 

During the meeting, Sisi welcomed the US delegation, affirming that Egypt attaches importance to strategic ties binding the two countries, said Presidential Spokesman Alaa Youssef. 

Egypt also seeks to promote cooperation and coordination with the new US administration towards issues of mutual interest, the spokesman quoted Sisi as saying during the meeting. 

Sisi also pointed out to the positive meetings held last month in New York with representatives of the US business community.

The president further reviewed the national projects, which are being implemented, topped by the Suez Canal development project along with the efforts exerted by the government to implement more economic reforms. 

He also referred to the initial agreement reached with the International Monetary Fund (IMF) and the government's intention to provide a climate conducive to investment. 

Sisi, meanwhile, said hailed the good reputation of the US companies which are operating in the Egyptian market. 

It is important to increase volume of trade exchange and US investments in Egypt, Sisi said. 

Thorne, for his part, underlined the close ties binding US and Egypt, said the spokesman. 

The US official said that Egypt is a pivotal state and an element of stability in the Middle East region.

He further hailed the determination of the political leadership in Egypt in order to continue efforts of economic reform. 

There are tangible opportunities to enhance the Egyptian economy within the upcoming phase, he added. 

The US business community was keen to visit Egypt to show the US' support to the initial agreement reached between Egypt and the International Monetary Fund. 

President Sisi also responded to a number of inquiries by representatives of US companies on the latest economic developments in Egypt, according to the spokesman. 

Responding on the future of the Egyptian-US ties, Sisi affirmed that ties between the two countries are outstanding. 

The upcoming phase will witness more growth and development in ties between Egypt and the US, he affirmed.

Regarding the Egyptian-Gulf ties, Sisi affirmed that these ties represent one of the most important fundamentals of Egypt's foreign policy. 

The spokesman said that the ministers of communications, petroleum, trade, industry, finance and investment reviewed during the meeting the available investment opportunities in the various spheres along with efforts exerted by the government to enhance the national economy. 

They also cited the legislative reforms by the government in order to provide a climate conducive to investment, including the establishment of the supreme council of investment, with the aim of developing the investment policy of the state, according to the spokesman.

The ministers further said that the volume of US investments in Egypt went up from 19.3 billion dollars in 2013 to 21.3 billion dollars by the end of 2014. 

The US investments in Egypt represent about 30% of the US direct investments in the African continent, they noted.

Source: MENA