Egypt’s Minister of Trade and Industry Nevine Gamea revealed that the US has invested a total of $21.8bn in Egypt over the past 12 months, in various industrial, service, construction, financing, agricultural, tourism, telecommunications and information technology sectors.
Gamea also said there have been tangible developments in trade relations between Egypt and the US, as the volume of trade exchange during the past year reached $8.618bn compared to $7.53bn in 2018.
The minister’s remarks came during a meeting with a delegation from the US Department of State headed by Keith Krach, Under Secretary of State for Economic Growth, Energy and the Environment. The delegation is currently visiting Egypt to hold intensive meetings with a number of senior Egyptian government officials, during which they will discuss a number of files related to joint economic cooperation.
Gamea emphasised that Egyptian-US economic relations are strategic, based on a long history of joint cooperation in various commercial, industrial and investment fields at all levels. She noted that the US market is considered one of the most important export destinations for a large number of Egyptian products, because of the competitive advantages and acceptance of these products by US consumers.
The minister added that the meeting reviewed ways to enhance joint cooperation in economic fields between the two countries, especially in light of the preparations for holding the fifth round of meetings under the Egyptian-US Agreement for Trade and Investment (TIFA). The meetings are scheduled to be held during December, via video conference technology.
The two sides also discussed expanding joint cooperation as part of the Qualified Industrial Zones Agreement, taking into account the recent joining of new companies. These additions take advantage of the preferential advantages that the agreement provides for export to the US market, especially in the field of ready-to-wear and textile industries, which represent about 98% of the products that are exported within the framework of this agreement.
Gamea indicated that the meeting also dealt with the US side’s desire to develop joint cooperation in the field of small- and medium-sized enterprises (SMEs).
Krach affirmed his country’s keenness to enhance cooperation with Egypt as a strategic partner linked by friendly relations and consensus of visions.