The American Chamber of Commerce in Cairo is set to receive a delegation of American businessmen from the country’s medical and industrial sectors this March, in the hopes of increasing joint levels of investment between the two countries.
Gamal Moharam, head of AmCham, said that during the visit the chamber would seek to reach agreements with American investors aimed at injecting liquidity into Egypt’s markets, particularly considering recent political events witnessed in Egypt and their effect on the economy.
He emphasised the need to bring about political and economic stability, especially in light of the recent decision of an American company to a withdraw $100m investment deal as a result of the Egypt’s political and economic crisis.
A number of Egyptian and Arab investors have entered into negotiations with a series of financial institutions present at a recent conference hosted by the American Chamber of Commerce in the Middle East, in order to secure the necessary funds needed to expand their operations in the region’s markets.
AbdulRahman Shehadeh, Executive President of the Jordanian company Philadelphia Solar, said that during the conference his company met with a number of international financial institutions such as the International Finance Corporation (IFC) and the Overseas Private Investment Corporation (OPIC), and that he is close sealing deals worth $200m.
He added that his company sought this financing for the purpose of constructing wind energy plants in Jordan and Egypt starting next year.
A report by the American Chamber of Commerce in the Middle East said that Egypt ranked fifth in terms of the number of its exports to the United States, at $2.44 bn, and third in American imports at $4.249bn.
Egypt’s exports to the United States have decreased since the signing of the Qualifying Industrial Zone Agreement (QIZ), totaling $826.5m from January to September 2012, as opposed to $872.6m from the same period in 2011.
