The American Chamber of Commerce in Egypt (AmCham Egypt), will begin its annual Doorknock mission to the US which will be in April, President of AmCham, Tarek Tawfik, informed Daily News Egypt, withholding revealing any more details due to the ongoing preparations.
AmCham’s 2018 Doorknock mission lasted for five days from March 11 until 16 to promote investment in Egypt. The delegation included 35 Egyptian companies. The AmCham Egypt delegation highlighted the progress of the economic reform measures undertaken by the government and their impact on businesses.
The year 2019 is critical for the Egyptian economy as Egypt still faces some challenges which have not ended yet, mentioned Tawfik, noting, “to pick up the economic reform’s results, we should implement more corrections especially in the context of fighting bureaucracy, as well as the announcement of some sectoral transformations to be processed over the year.”
The Egyptian government finalised the pronounced reforms over the past couple of years, said Tawfik, noting, “it is time to get more into the details. Once you begin to eliminate bureaucracy, the Egyptian economy will become extremely promising.”
Furthermore, Tawfik praised the announcement of Britain’s Standard Chartered bank, forecasting that Egypt will be ranked 7th among the world’s top 10 economies by 2030, adding, “we have to walk an extra step to reach these expectations.”
On 4 July 2018, Tawfik told DNE that members of AmCham Egypt announced that they are expanding their businesses. For example, the world’s leading manufacturer of chocolate, chewing gum, mints, and fruity confections Mars Wrigley Confectionery, declared it is moving its production lines from Dubai to Egypt, as it is considered a decrease in expenses in terms of employing Egyptian staff, compared to importing employees in Dubai and undertaking their high costs of transportation, travelling, and subsistence.
P&G is expanding in localising its production inputs and increasing its exports, while multi-function PepsiCo is expanding as well, as it has several brands which many people are not necessarily aware of, noted Tawfik.
Moreover, on 22 October 2018, a US mission, which included 44 companies, met with President Abdel Fattah Al Sisi. The mission resumed its meeting with several ministers of the Economic Group, as well as a number of parliament members during their two-day visit to Egypt.
The mission included companies from a variety of fields, such as energy and electricity, and there was a special presence by pharmaceutical companies, who expected in the coming period to expand their investments in the Egyptian market, said Tawfik on 22 October.