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Nassar discusses upcoming US visit with business council
21 September 2018  -  Organization :  -  Sector/Entity :  -  Category : General

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The meeting discussed the Council's upcoming visit  to the US later this month.

Cairo- Sep 21, 2018 Minister of Trade and Industry Amr Nassar met today with members of the Egyptian side at the Egyptian-US Business Council, led by Chairman Omar Mehanna, to discuss its upcoming visit to Washington later this month.

The meeting also explored preparations underway for receiving a delegation of 60 US companies which will visit Egypt at the end of October, aiming to identify the investment opportunities available in the local market in all production sectors.

They also discussed a number of issues, including the TIFA talks, as well as means of boosting bilateral trade and investment in the coming period.

“The US has become the top destination market for Egyptian products, thanks to a preferential trade agreement signed between the two countries,” Nassar said. “Egypt is also a key hub for the world’s largest economy into the markets of Africa and the Middle East.”

According to official data, Egypt-US trade grew 29.2% to around $3.822 billion during the first seven months of the year, up from $2.956 billion a year earlier; the US being the largest market for Egyptian exports, that is a worth of $832 million.

Standing at $2.4 billion, US ventures in Egypt make up 35.4% of total US direct investments in Africa and 46.2% in the Middle East. The 1,222 US projects in the domestic  market operate in the fields of: manufacturing, services, construction, financing, agriculture, communication and IT.

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