By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Madbouly discusses ways to boost metallurgical industries 
    Madbouly discusses ways to boost metallurgical industries 
    September 25, 2023
    FRA to launch futures contracts trading in derivatives market
    FRA to launch futures contracts trading in derivatives market
    September 25, 2023
    We work with Tax Authority to control prices, support consumers: Philip Morris Misr
    We work with Tax Authority to control prices, support consumers: Philip Morris Misr
    September 25, 2023
    Mahmoud Mohieldin says global finance reform needed for just green transitions
    Arab region has great opportunities to harness digitalisation, AI in making progress in implementing climate action: Mahmoud Mohieldin
    September 24, 2023
    FRA to launch voluntary carbon market with 6 local projects
    FRA to launch voluntary carbon market with 6 local projects
    September 24, 2023
  • Politics
    PoliticsShow More
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
    Egypt, India affirm their strategic partnership, discuss regional issues
    Egypt, India affirm their strategic partnership, discuss regional issues
    September 24, 2023
    Pope Francis denounces ‘invasion’ rhetoric on migrants
    Pope Francis denounces ‘invasion’ rhetoric on migrants
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: American companies consider using Egypt as export hub to Middle East, Africa: US Chamber
Share
Notification
Latest News
Madbouly discusses ways to boost metallurgical industries 
Madbouly discusses ways to boost metallurgical industries 
Business
FRA to launch futures contracts trading in derivatives market
FRA to launch futures contracts trading in derivatives market
Business
Defence Minister meets NATO Military Committee chief
Defence Minister meets NATO Military Committee chief
Egypt Politics
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
Business
Mahmoud Mohieldin says global finance reform needed for just green transitions
Arab region has great opportunities to harness digitalisation, AI in making progress in implementing climate action: Mahmoud Mohieldin
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > American companies consider using Egypt as export hub to Middle East, Africa: US Chamber
Business

American companies consider using Egypt as export hub to Middle East, Africa: US Chamber

Nehal Samir
Last updated: 2021/07/04 at 11:03 AM
By Nehal Samir 5 Min Read
Share
SHARE

There is a growing consideration among US companies to use Egypt as a hub of operations for American exports to the Middle East and Africa, according to Steve Lutes, executive director of the US Chamber of Commerce’s US-Egypt Business Council, in Washington, DC.

Daily News Egypt interviewed Lutes on the occasion of the US Independence Day.

How do you assess Egypt-US trade exchange during the first half of 2021?

We continue to be in challenging times as we begin to emerge from the depths of the pandemic so it is important that we focus on economic recovery and growth, and this certainly includes US-Egypt economic ties. However, I believe for many American companies, it is more than just the notion of exporting to Egypt. A growing consideration for US companies is using Egypt as a hub of operations to export throughout the Middle East and Africa and take advantage of Egypt’s existing trade agreements. This is the sort of dynamic approach that we need to have as we look to the future.   

What are the updates of the Egyptian-American discussions on FTA?

With the new Biden Administration, we will have to engage and build the case for a trade agreement between the United States and Egypt based on the economic merits for both of our nations as well as the geopolitical importance it would carry. The US Chamber’s US-Egypt Business Council has and continues to support our nations entering into such an agreement that would remove barriers and eliminate tariffs and, by doing so, release untapped potential for increased trade and investment.

Realistically, there is a great deal of focus at this time on China and other priorities; therefore, it is important for us to think strategically about advancing initiatives that will drive deeper and expanded economic ties between the United States and Egypt as we work toward a broader trade agreement. In fact, the US-Egypt Business Council recently shared ideas with both the Biden Administration and Egyptian leadership to chart a path for closer economic ties in several vital areas. We will focus on these and other key areas of opportunity for growth.   

What are the target sectors for US companies showing interest to operate in the Egyptian market? 

By looking at the membership composition of the US-Egypt Business Council, you will understand the breadth of sectors that American companies are focused on doing business in Egypt. It really reflects the economic diversity that Egypt’s Vision 2030 aspires to achieve. You have a lot of companies in the oil and gas sector given the growing opportunities as well as in clean energy and sustainability. There are also many US companies in Egypt focused on innovative sectors like life sciences, medical technologies, cyber security, digital economy, and industry 4.0. And, of course, there are companies in agriculture, consumer products, financial services, infrastructure, logistics, travel and tourism, and more.

Are there any planned visits of US business delegations (either from American companies or the government) to Egypt in 2021?

The US Chamber’s US-Egypt Business Council, in partnership with our friends at AmCham Egypt, has a long track record of bringing large and engaged business delegations to Egypt as well as hosting President Sisi when he visits the United States. We were honored to host President Sisi for a first of its kind virtual CEO Roundtable in April, and we will look to build on that experience. As conditions allow, you can trust that we will look to again organize and lead business delegations to visit Egypt to both meet with Egyptian officials and business leaders and to inform American companies on the range of commercial and investment opportunities the Egyptian market offers.

What do you think of Egypt’s economic performance in the recent period? 

Egypt’s economic performance in 2020 was impressive given the fact that it was the only economy in the Middle East to achieve positive GDP growth during this very challenging period. The economic and fiscal reforms championed by President Al-Sisi and his administration and, I should add, supported by the US-Egypt Business Council, played a role in Egypt’s economic successes to date. We believe these reforms and other initiatives, such as the Ministry of Petroleum’s modernization plan, will have positive impacts going forward.   

You Might Also Like

Madbouly discusses ways to boost metallurgical industries 

FRA to launch futures contracts trading in derivatives market

We work with Tax Authority to control prices, support consumers: Philip Morris Misr

Arab region has great opportunities to harness digitalisation, AI in making progress in implementing climate action: Mahmoud Mohieldin

FRA to launch voluntary carbon market with 6 local projects

TAGGED: US Chamber
Share this Article
Facebook Twitter Email Print
Previous Article Egypt-US relations: New chapter under Biden’s Administration
Next Article 26% increase in Egyptian students pursuing postgraduate studies in US: Erudera
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Madbouly discusses ways to boost metallurgical industries 
Madbouly discusses ways to boost metallurgical industries 
Business
FRA to launch futures contracts trading in derivatives market
FRA to launch futures contracts trading in derivatives market
Business
Defence Minister meets NATO Military Committee chief
Defence Minister meets NATO Military Committee chief
Egypt Politics
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?