CAIRO: American members of the US-Egypt Business Council (USEBC), who are housed at the US Chamber of Commerce in Washington, DC and formed voluntarily, reaffirmed their commitment to Egypt during a business promotion trip this week.
After a series of meetings with Egyptian Prime Minister Essam Sharaf, Minister of Trade Samir El-Sayyad and Minister of Finance Samir Radwan, as well as several other officials, American members left with various plans to expand current investments.
The delegation, made up of 50 business leaders and 24 companies, had an overall buoyant tone full of hope for a new Egypt they are eager to invest in, while cooperating, not imposing.
“We’re not here to give you advice, but to have one-on-one business relations,” said Steve Farris, CEO of Apache Corporation.
Apache, the most “active gas and oil driller” in the country, has laid out a budget that will allow them to invest $1 billion in the Egyptian market this year.
Among their investments include two new horizontal wells that will be introduced by Apache this year, in which the company will use their own plants to produce and clean water that they will need for the drilling process.
Also a member of the delegation is Alberto Verme, Europe, Middle East and Africa CEO of Citi Group Bank.
Verme announced that Citi is well aware of Egypt’s state deficit and that the bank is willing to cooperate with the country during this period.
“We are realistic about this transition,” he said. “From a banking standpoint, we are very much aware of the current deficit and we are interested in helping in an economic growth with social justice attached to it.”
He added that banks would refrain from giving out mortgage and real estate loans over the next period while helping the Central Bank of Egypt with the national deficit and contributing to building infrastructure throughout the country.
Gerald Hawkins, group country manager for Visa Inc., who was also among the envoys of the US Chamber of Commerce delegation, said Visa is currently collaborating with Egypt’s Ministry of Tourism to alleviate the current situation, after Egypt’s January 25 revolution.
“A specific area that we felt we could support is the rebirth of the country’s tourism, which is vital for Egypt’s economy,” Hawkins told Daily News Egypt. “It’s a very big employer and it also brings in much of the country’s foreign currency.”
In a comprehensive effort to revive the country’s tourism after the recent political turmoil, Visa is continuing to work with the tourism industry in Egypt, “by running special promotions and by providing important research trends data about the spending habits of tourists visiting the country.”
Teaming up with Marriot Group in the region, including Renaissance and Courtyard hotels and JW Marriott, Visa will offer special discounts on stay to Visa cardholders who use their cards as the method of payment.
The offer is open to all nationalities; however, Visa will be promoting Egypt as a part of the company’s marketing campaigns in Russia, which constituted 20 percent of the country’s 12.7 million visitors in 2010.
“We’re optimistic not just about Egypt, but about Africa,” Hawkins added. “There’s a strong push to increase in Egypt because of the skill sets, because of location, Egypt is the number two market in Africa.”
Visa will also be promoting Egypt properties in the Commonwealth Independent States and South East Europe to attract premium customers back to Egypt.
Earlier last month, Visa announced their plans to expand in Egypt, making the country a “hub” for the company’s North Africa business by increasing the number of employees and relocating to offices in New Cairo.
“There’s a normality about this place,” said Hawkins. “The fact that country’s just come out of this period and the country is still functioning without a parliament and president is amazing.”
Hawkins emphasized that there is opportunity in Egypt, after seeing that there is a “strong agenda of innovation that will remove some problems which were holding the country back before.”
Egypt’s transaction volume on Visa cards is currently at $5 billion, according to Hawkins.
USEBC members include The Coca-Cola Company, Exxon Mobil, Visa International, Merck, Citi Group, and General Motors.
Gerald Hawkins, group country manager for Visa Inc.
