Trade and Industry Minister Nevine Gamea has met members of the Trade and Industry committee at the American Chamber of Commerce in Egypt (AmCham) and agreed to set a comprehensive vision to develop national industries in the country, according to a ministerial statement on Wednesday.
The government is keen on having the private sector as a key partner in realising economic reform plans and achieving sustainable development goals (SDGs), Gamea said, adding that backing the private sector is a cornerstone of improving the country’s investment climate.
The Ministry of Trade and Industry is aiming to boost Gross Domestic Product (GDP) growth, increasing exports, decreasing unemployment, attracting more foreign direct investments (FDIs), and expanding local industries, Gamea said.
Both sides discussed ways of boosting trade exchange with a special focus on Egyptian exports to the United States in light of the already signed preferential trade agreement (PTA), mentioned the statement.
Egypt is the second largest recipient of US FDIs in Africa, President of the AmCham in Egypt, Sherif Kamel, said on 18 November 2019, adding that Egypt can be the top recipient of US FDIs in Africa if the government continues implementing its economic and legal reforms.
Egypt and the US have been negotiating a free trade agreement (FTA) during the past few years, but now, due to the current political and economic conditions, conditions are more favourable for taking the FTA negotiations to next level , Kamel added.
“From 2017 through this past November, total US-Egyptian bilateral trade grew by over 44% to $8.2 bn,” the US ambassador, Jonathan Cohen, said on 28 January, adding that US goods exports to Egypt were $5.2 bn, up 30% over the past two years.
US imports from Egypt were $3 bn, up 76% in two years, he mentioned, adding that US food and agricultural exports to Egypt grew 145% from 2017 to 2018.