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US delegation investigates investment climate, includes potential investors - Daily News Egypt

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US delegation investigates investment climate, includes potential investors

Meeting held Saturday between American Chamber of Commerce members and Prime Minister to discuss arrangements for receiving American businessmen

A US delegation of 66 companies will commence its visit to Cairo on Sunday, according to Head of the American Chamber of Commerce in Cairo (AmCham), Anis Aclimandos.

The delegation’s main purpose is commercial and will discuss injecting new investments into Egypt. The delegation will probe the investment climate and familiarise itself with the economic and social reform plans of the Egyptian government.

“The delegation includes 26 American companies that have not yet invested in Egypt, and 40 other companies that have already invested,” Aclimandos told Daily News Egypt. He added that delegation representatives will meet with President Abdel Fattah Al-Sisi during their three-day visit, declining to reveal the specific time of their meeting for security purposes.

“We met with Prime Minister Ibrahim Mehleb Saturday to discuss arrangements for receiving the American delegation and making the most of the visit in commercial and investment terms,” said Aclimandos, who also declined to reveal what was agreed upon during the meeting.

 He added that the meeting focused on clarifying the Egyptian government’s decisions on economic reform and improving the business environment to reassure the US financial community.

Aclimandos expects Egypt will receive new US investments within the coming months, but an announcement will be delayed until the Egypt Economic Summit taking place next February in Sharm El-Sheikh.

The preparatory visit aims to monitor and evaluate the performance and movements of the government toward reforming the investment climate and improving the business environment, said Aclimandos.

He said the delegation includes companies working in different economic sectors, including energy, telecommunications, banking, food industries, pharmaceutical industries, and infrastructure and logistics.

He added that the delegation will hold meetings over two days with the Ministers of Industry, Investment, Finance, Communications, Planning, International Cooperation, and Tourism. Meetings will also be held with the Governor of the Central Bank of Egypt (CBE).

Egyptian companies are looking to hold talks with the US delegation to consult on joint projects, according to Aclimandos. He explained that AmCham has made great efforts to clarify the situation in Egypt, including through directing messages written by leaders of American companies in Egypt. The messages, he said, outlined their success in the Egyptian market despite the consequences of the 25 January and 30 June events.

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