CAIRO: A delegation of US business executives in Egypt comprises 24 of the largest companies in the US, including GE, Coke, Apache, Exxon, PepsiCO and Boeing, said Hisham Fehmy, the chairman of the American Chamber of Commerce in Egypt.
Egypt’s Minister of Communications and Information Technology, Magued Osman, welcomed the foreign delegation, and said despite recent economic setbacks, Egypt is well-positioned for future economic growth due to its strong ICT infrastructure.
According to Osman, the ICT industry in Egypt, whose share of the national GDP increased from 2.4 percent just three years ago to 4 percent this year, is situated to be “the real motor of the Egyptian economy.”
Apache CEO Steven Farris said the executives are here to “reaffirm [their] commitment to reinvest in Egypt.”
Farris, whose company represents the largest US investor in Egypt, pumping in $8 billion over the past 15 years, praised Egypt’s revolution and thanked the country for its openness towards investment.
“It is an honor for us to be here, you are the heroes, we are guests in your country, and we invest here because you give us the opportunity to do so…our hats are off to you,” Farris said, adding that Apache’s plan of investing another $1 billion in the next year is “really a testament to the people of Egypt.”
Building on the importance of infrastructure to Egypt’s development, Tom Thomason, executive vice president of the American Chamber of Commerce in Egypt, added that the country is “well poised to use its infrastructure as a springboard to move to the next phase of economic development.”
Turning to the current political and economic situation in the country, the minister cautioned that despite the “unprecedented success” of the revolution earlier this year that “returned Egypt to the Egyptians,” real change requires time and hard work.
“Legislative and institutional change is [badly] needed in Egypt, but it is very difficult,” Osman explained.
“We now have to convince people that even though there had been a paradigm shift [of the government] within just 18 days, you cannot instantly reform education, the economy,” and other important sectors. The important thing to do now is to properly “set expectations” for the country, he explained.
New law
Even though there is no sitting parliament at the moment in Egypt, Osman went on by declaring that his ministry has already begun exploring ways to introduce legislative reform prior to the upcoming parliamentary elections, slated for September.
The Ministry of Communications and Information Technology is currently working on the “drafting [of] a new telecommunications law, which is expected to be ready by next month,” Osman explained.
The new draft, which is being composed by many “different stakeholders” and will be “shared with civil society” to receive feedback, the minister continued, aims to “reflect the interests of all Egyptians.”
This innovative process, which is “setting the model for legislative reform in the absence of parliament,” he highlighted, is also being applied to the drafting of a freedom of information law.
Most important, however, is the issue of transparency, which he described as being critical for “bringing foreign investment.”
“The new Egypt is a land of openness, transparency, and rule of law.”
