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$5.6bn in trade between US, Egypt; $2.4bn US investments in Egypt: Kabil - Daily News Egypt

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$5.6bn in trade between US, Egypt; $2.4bn US investments in Egypt: Kabil

Minister of trade and industry meets with AmCham delegation heading to US

The US market represents an important export destination for plenty of Egyptian goods and products, Minister of Trade and Industry Tarek Kabil said. He pointed out that the Egyptian market is the main gateway for US exports to a large number of countries in Africa and the Middle East.

This came during the extended meeting held between the minister and the delegation of the American Chamber of Commerce in Egypt (AmCham) in preparation for the door-knocking mission which will be conducted in March.

The delegation’s visit aims to increase Egyptian exports to the American market, especially after the preferential trade agreement signed between the two countries, which enhances the competitiveness of Egyptian products in the US market.

Kabil added that this year witnessed intensive high-level visits by a number of US officials to strengthen strategic cooperation between Egypt and the US in various fields, as well as the resumption of talks on the Trade and Investment Framework Agreements (TIFA) hosted by Cairo at the end of 2017.

The value of trade exchange between Egypt and the United States reached $5.618bn in 2017, marking an increase of 13% compared to 2016, said Kabil, adding that the most important Egyptian exports to the United States are ready-made garments, textiles, fertilisers, iro, and steel, paper, vegetables, fruits, and plastics.

On the other hand, US investments in Egypt currently amount to $2.4bn in the sectors of industry, services, construction, finance, agriculture, and communications and information technology, which represents about 35.4% of direct US investments in the African continent and 46.2% of US investments in the Middle East.

Kabil said that President Abdel Fattah Al-Sisi’s visit to Washington last year paved the way for the start of a new phase of distinguished political and economic relations between the two countries during the coming period.

The minister explained that the Egyptian-US economic relations are strategic based on maximising the potential of both countries, favouring the common interest of the Egyptian and American economies.

Furthermore, Tarek Tawfik, president of the AmCham, said the delegation will include 35 Egyptian companies. He added that the visit is scheduled to start early next March for a period of five days in Washington DC to promote investment in Egypt.

On the other hand, Omar Mohanna, chairperson of the Egypt-US Business Council, also pointed out that the mission comes at a very important time as Egyptian-US relations are witnessing remarkable development, as reflected in the mutual visits of officials in both countries.

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