On August 7, 2018, AmCham Egypt Inc. and the U.S.-Egypt Business Council hosted a meeting in honor of the Egyptian Foreign Minister, Sameh Shoukry. The meeting was held at the U.S. Chamber of Commerce headquarters in Washington, DC and aimed to discuss the Egypt-U.S. Strategic Relationship.
The meeting included Steve Lutes, Vice President, Middle East Affairs at the U.S. Chamber of Commerce, Khush Choksy, Senior Vice President, Middle East and Turkey Affairs at the U.S. Chamber of Commerce, in addition to private sector company representatives including representatives of: Apache Corporation, Exxon Mobil, Honeywell, MetLife, Cargill, Lockheed Martin, etc. Representing AmCham Egypt Inc. at the meeting was Hisham Fahmy, Chief Executive Officer.
Minister Shoukry discussed Egypt’s road to economic recovery. He highlighted the recent economic reforms which were undertaken by the government, and aim at promoting bilateral trade and encouraging foreign investment in Egypt.
The economic reforms include the Investment Law which reduces bureaucracy and offers compelling incentives to investors, the Capital Markets Law which facilitates investors’ procedures to engage in new projects, as well as the Bankruptcy Act.
Moreover, Minister Shoukry presented the array of mega projects which are currently being implemented in Egypt, including the New Administrative Capital, and infrastructure projects in the field of transport. In addition to the Suez Canal Economic Zone which is developing the Suez Canal area into a global hub for international trade, industrial activity, logistics and tourism. He also discussed the importance of Zohr gas field, the largest gas field in the Mediterranean, which will transform Egypt into a regional energy hub.
The Minister highlighted the importance of the Egyptian-American relations, noting that they are of a strategic nature and represent the cornerstone of regional stability and peace.
The meeting was held one day prior to the bilateral meeting with U.S. Secretary Michael R. Pompeo and Minister Shoukry, at the Department of State.