CAIRO: Egypt’s General Authority for Investment (GAFI), along with the Ministry of International Cooperation, reached out to the US-Egypt Business Council (UEBC) by vowing to facilitate future business and investments.
Egypt’s Minister of International Cooperation Fayza Aboul Naga emphasized that the private sector could help Egyptians by partnering with them, rather than offering “aid” or “assistance.”
“Egypt isn’t looking for aid or assistance, we are looking for partnership, it’s important to assist Egypt in the way you do your business,” she said to American investors.
In regards to changing the way Egypt does business, she stressed on the importance of the Suez Canal.
“We should be thinking about transforming Egypt to a logistic hub, we haven’t taken advantage of the Suez Canal,” she said. “East Port Said, the industrial zone, new millennium city are all investment treasures.”
By taking advantage of these locations and realizing that the canal is not just a waterway, the country could expect to create many economic opportunities and jobs for the “young men and women of Egypt.”
The minister added that “Egypt is widely open for business and that the government is committed to giving support for local, foreign and Arab businesses.”
Hosting the meeting for members of the UEBC on Tuesday, Osama Saleh, GAFI chairman, also sent out a message to American businesses: “Egypt is offering you an opportunity, and we hope you will capitalize on it.”
Saleh added that GAFI works closely with companies in order to assist them in facilitating their businesses throughout the country.
New businesses will work towards meeting the expectations of the Egyptian people, who have been demanding better living and working standards and more job opportunities after the January 25 Revolution, he said.
“We have a huge base of young people, an asset not many countries are blessed with, we need to capitalize on this,” said Saleh.
Steve Farris, head of Apache Corporation, was also present representing the American side of the council.
Farris pointed out that since it’s not an easy task to undergo such change, American companies would like to “support” Egypt through this phase and be a part of the new “hope” that followed after the Egyptian revolution.
Among the projects the government is currently working on are investments in higher education and scientific research institutions.
“All Egyptian universities need to reform their education system,” said Ahmed Samir Al Sayad, counselor to chairman of mega national projects. “The universities were granted lands to expand on and we worked with them to match them with investors and universities abroad.”
Cairo and Fayoum Universities are among the public institutions that are currently building sport facilities and research facilities to become “full-fledged” international universities.
