The American Chamber of Commerce in Egypt (AmCham Egypt) andthe Egypt-U.S. Business Council (EUSBC) are organizing a joint mission from February 10-14 in Washington D.C. and New York City to meet with Members of Congress, Administration, think tanks, media and members of the business community.
The AmCham-EUSBC delegation will include twenty-five leading members of Egypt’s business community representing U.S. companies operating in Egypt as well as Egyptian companies engaged in trade, commerce and investment with the United States.
This delegation is here to bring the perspective from the ground and the reality of working day in and day out in Egypt, and holds significant interest in maintaining and fostering a robust U.S.- Egypt relationship, overcoming and transcending differences that surfaced during this rocky transition period in Egypt’s history.
During their meetings, members of the delegation will discuss the importance of the U.S.-Egyptian relationship, the role of Egypt’s private sector throughout the transition, highlighting firsthand account of the realities on the ground, the current economic and political situation, and how companies are addressing the immediate challenges facing the country today. The delegation will also address ways in which Egypt and the United States can leverage their strategic relationship to create an environment conducive to economic and political development; looking at policies both governments can enact to enhance bilateral trade and promote U.S. investment in Egypt.
“During the past three years, Egypt’s private sector and U.S. companies operating in Egypt have continued to make profits, create jobs and grow. We seek partnerships with U.S. companies, both those who already have succeeded in Egypt as well as new comers to the Egyptian market. This is the message we carry with us on this very important mission,” said Anis Aclimandos, AmCham President.
“With Egypt’s strategic and genius of the location near markets in Asia, Africa and Europe, significant resources, growing young population; local market of 90 million consumers, businesses in Egypt are confident in the country’s future and are moving forward; many are reinvesting and trade is growing,” said Mr. Omar Mohanna, Chairman of the Egypt-U.S. Business Council (EUSBC).
“From here in Cairo, we run 33 countries from around the Coca-Cola world; starting with Afghanistan, all the way across Africa to the Middle East and down to Ghana. Egypt is a great domestic market and our investment in Egypt goes back to 1974. We made a courageous decision in 2011 to double our investment in Egypt, that really paid off and now we are looking at another $100 million in 2014,” said Mr. Curt Ferguson, President-Middle East & North Africa Business Unit, Coca-Cola Atlantic Industries.
The visit comes at a historic time of transition for Egypt; where the country is now on its road to democracy; and more than 20 million Egyptians voted mid January in favor of the new constitution; the highest voters’ turnout in the history of Egypt’s 28 referenda. Presidential elections are expected to take place during the course of next April, followed by parliamentary elections next July.
On the economic level, Egypt’s economy has seen some very positive signals; where for the first time since January 2011, Fitch Ratings Agency upgraded Egypt’s economic outlook and during the last quarter of 2013, the Egyptian Stock market has risen by 45%.
AmCham Egypt and the Egypt-U.S. Business Council (EUSBC) are first and foremost concerned with issues related to the promotion and expansion of private sector ties between Egypt and the United States. This is the first joint mission to the U.S. for both organizations, and is coming at a very critical time in the history of Egypt-U.S. relations,” said Hisham A. Fahmy, CEO of AmCham Egypt and member of EUSBC.
Members of AmCham Egypt and the Egypt-U.S. Business Council carry a message of hope for a better future; and are more than ever adamant to supporting the country’s economic transition. The delegation is seeking the support of Egypt’s long-time friends in the U.S. through lending their patient support as they navigate the coming years, where the United States can make a major contribution to the democratic development and economic prosperity of Egypt.
About AmCham Egypt:
AmCham Egypt, established in 1982, is one of the largest and most active overseas affiliates of the U.S. Chamber of Commerce, connecting more than 1800 business leaders representing U.S. companies operating in Egypt, Egyptian companies engaged in trade, commerce and investment with the United States and multinational companies doing business in Egypt. AmCham serves its members by advocating on their behalf for a favorable business environment, promoting trade and investment and fostering a socially responsible business environment. AmCham produces a wide variety of research publications and offers numerous business services and training programs to its members as well as to the business community at large. AmCham is a founding member and the permanent secretariat of the AmCham MENA Regional Council. AmCham Egypt has been organizing similar missions to the U.S. for more than 30 years, representing the independent view of the business community on business in Egypt.
For more information on AmCham Egypt; please visit: www.amchamegypt.org.eg
About the Egypt-U.S. Business Council (EUSBC):
The Egypt-U.S. Business Council (EUSBC) mission is to work on advancing the bilateral commercial relationship between Egypt and the United States. The Council comprises leading members of Egypt’s dynamic private sector with strong business ties with the United States. EUSBC members are all vocal advocates of a strong U.S.-Egyptian relationship; commercially, politically and culturally. The EUSBC works closely with its counterpart in the U.S., the U.S.-Egypt Business Council (USEBC); located within the U.S. Chamber of Commerce. AmCham Egypt provides the logistical and operational support to EUSBC.