"The U.S. is one of Egypt's major investment partners as its investments are marked by sectoral diversity and up-to-date technology," Minister of Investment, Dr. Mahmoud Mohieldin, said.
"With investments in 866 businesses, the U.S. is the fifth largest investor in Egypt," the minister added, as he met with members of the American Chamber of Commerce (AmCham) and a delegation flying to the U.S. in a door-knock mission.
Dr. Mohieldin highlighted the Egyptian-U.S. economic relations and their development over the past five years.
In the meeting, attended by the General Authority for Investment (GAFI) chairman, Osama Saleh and AmCham chief in Egypt, Gamal Muharam, a memo of understanding was sealed by GAFI and AmCham to bolster economic cooperation such as exchanging information and investment missions.
They look forward to broader coordination in organizing symposiums and workshops for investors from both countries in a move hoped to spotlight their investment opportunities.
Development of economic activity in Egypt was discussed. Egypt is attracting several East Asian countries like China, India and Malaysia, in addition to the conventional markets of the U.S. and Europe.
Dr. Mohieldin pointed to sectoral diversity of foreign direct investments in Egypt. He said, "Over 50% of FDIs go to new projects in all sectors, and not only oil and natural gas."
The meeting also mulled over infrastructure projects that enhance Egypt's chances to become a special hub for trade and investment in the region.
Egypt has modern economy-assisting services like CIT and financial services. The minister said the Egyptian government has been concerned with developing infrastructure, through projects carried out by the public sector or through public-private partnership (PPP) system.
"The government has been promoting a number of infrastructure projects in renewable energy and highways connecting different regions," said the minister.
Moreover, Dr. Mohieldin met with representatives of Russell 2020 Association, which seeks to contribute to projects in Egypt.
Dr. Mohieldin highlighted the Ministry of Investment's blueprint, showcasing some indicators of the State-owned Asset Management Program.
Public business net profit hit EGP 3.9 billion by FY 2008/09's end. Its bad debt should be fully settled by this fiscal year's close. They already fell from EGP 32 billion in FY 2004/05 to EGP 4 billion in the mid-FY 2009/10.
Investments implemented by public business companies neared EGP 4.7 billion in FY 2008/09. Investments of EGP 6 billion are set to be implemented in the current fiscal year.
The process of developing the legislative framework of the Asset Management Program is underway in light of criteria and principles tackled in the annual conference of the National Democratic Party (NDP), according to the minister.
With regard to the Financial Reform Program, Dr. Mohieldin said those reforms helped the Egyptian economy to better avert many of the effects of the global financial crisis.
He pointed to the development of Egypt's banking sector, its liquidity and supervisory system overseen by the Central Bank of Egypt, as well as high trading rates at the stock market.
He said the Nile Exchange (Nilex) has been founded for small and medium enterprises. Trading on some Nilex companies would start before this fiscal year's elapse.
"Several reforms are yet to come in the field of developing and deepening the bonds market. As a first step, the Decree 1 of 2010 was issued to streamline bonds issuance procedures and upgrade the non-banking financial services market and corporate supervisory rules.