CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid expects the US investment stock in Egypt to hit $18 billion by the end of 1H2007, growing 12.5 percent from the 2006 figure.
During his meeting with members of the annual Door Knock Mission to the US on Thursday, Rachid said the stock of US investments in Egypt recorded about $16 billion as of end 2006.
He argued that over the past three years US investments in Egypt had surged by 113.5 percent, indicating more confidence among US companies in the Egyptian investment climate.
The stock of US investments in Egypt amounted to $7.5 billion in 2004. “This figure surged remarkably to $12 billion in 2005 and skyrocketed to $16 billion by the end of 2006, Rachid said.
Taher Helmy of the American Chamber of Commerce in Egypt said this year’s Door Knock Mission would present a comprehensive economic agenda to members of the US Congress and administration officials. “The objectives will focus on the promotion of trade and economic relations between Egypt and the US, he added.
The US Apache Oil Company had recently announced plans to expand in the Egyptian market by investing $1 billion more in oil exploration efforts in Egypt.