A delegation of American companies that is visiting Cairo and includes 40 companies said that Egypt has many investment opportunities in the field of green economy, and that its hosting of the UN Conference of Parties on Climate Change (COP 27) is evidence of the government’s interest in transitioning to clean projects.
The delegation’s remarks came during a press conference held on the side-lines of the ‘GreenTech Business Mission to Egypt’ that is organised by AmCham Egypt in partnership with the US Chamber of Commerce and Egypt-US Business Council.
The delegation came to Egypt to explore opportunities for green investment within a wide range of sectors, including power, renewables, agriculture, ICT, manufacturing, aerospace, transportation, finance, and other sectors.
David Thorne — Senior Adviser for the Office of the US Special Presidential Envoy for Climate — said that the current period is the most appropriate to demonstrate the commitment of the US and the Egyptian government to the climate agenda ahead of the the COP 27 that is scheduled to be held this November in Sharm El-Sheikh.
Furthermore, President of AmCham Egypt in Cairo Tarek Tawfik said that the COP 27 will be an opportunity to announce joint projects that can be invested in within the framework of the green transformation process.
He added that the delegation’s visit sends a positive message regarding the support the American private sector provides to Egypt in the context of its orientations towards green projects.
Tawfik also stressed that the cooperation level between Egypt and the US is witnessing much depth in the recent period, and that this mission confirms this.
Additionally, he pointed out that the challenges facing the Egyptian economy over the past two months require more foreign direct investments and have made the government open to inviting the private sector to contribute to several sectors.
“Egypt is ready to receive many US investments, especially in green economy projects,” Tawfik asserted.
Furthermore, Marty Durbin — Senior Vice President of Policy and President of the Global Energy institute — said the private sector has an important role in the transition process towards clean energy.
He explained that the American companies that came to Cairo saw that there are many opportunities in the field of renewable energy and green projects.
Durbin also revealed that two agreements were signed in the energy and water recycling sectors.
For his part, Omar Muhanna — Head of the Egyptian side in the Egyptian-American Business Council — said that the reforms undertaken by Egypt have created more opportunities for the private sector to invest, adding that the current crises create several business opportunities.