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Sisi affirms Egypt’s keenness to develop its economic partnership with U.S.

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President Abdel Fatah al-Sisi during a working dinner banquet hosted by the American Chamber of Commerce and the Egyptian-American Business Council – Press Photo

 

 

NEW YORK – 24 September 2018: President Abdel Fatah al-Sisi stressed Egypt’s keenness to develop its economic partnership with the United States and push it towards new horizons to serve the interests of both countries.

This came in a word he delivered during a working dinner banquet hosted by the American Chamber of Commerce and the Egyptian-American Business Council, which was attended by a number of presidents and senior officials of major American companies operating in various sectors, said Presidential Spokesman Bassam Radi.

President of the American Apache Company and Chairman of the Egyptian-American Business Council John Christmann welcomed the visit of president Sisi to New York to attend annual meetings of the UN General Assembly, and praised the continuous improvement in the Egyptian economy and the success of measures taken by Egypt to improve its economic environment and encourage investments, affirming the determination of the council to continue to strengthen economic and trade cooperation between the two countries in various domains, the spokesman said.

US Chamber of Commerce Senior Vice President for International Affairs Myron Brilliant welcomed President Sisi to New York. This annual meeting with the chamber is meant to boost economic relations between two countries.

Sisi said Cairo is keen on further developing its economic partnership with Washington to serve the best interests of both their peoples, according to presidential spokesman Bassam Radi.

This partnership has always been a pillar of security and stability in the Middle East region, Sisi told the meeting.

Egypt, the president said, tops the list of African countries with which the US has business and the second in the Middle East.

He reviewed the latest developments in Egypt, particularly where its economic reform program is concerned. An integrated economic reform program has sure helped reach radical solutions to structural problems, Sisi said.

The president touched upon what he called “important structural reforms” in the fields of industry, investment and exports.

This, he added, has been going hand in hand with effective social programs to protect the most-in-need brackets, Sisi noted.

Indeed, Egypt has made a number of “drastic” and “unprecedented” economic decisions, building on the reform program that was outlined in partnership with the International Monetary Fund (IMF) and in line with Egypt’s 2030 vision to achieve sustainable development, he said.

The meeting took up the different investment opportunities in Egypt; be that in infrastructure, logistics, IT, energy, pharmaceuticals or automotive industry.

The spokesman said the meeting witnessed an open discussion with a set of leaders and top officials of US companies who were present and praised the distinguished economic performance of Egypt over the past period. They also expressed their willingness in bolster their presence in the Egyptian market and expand their investments in the standing projects.

Responding to questions by a number of US companies leaders on the investment climate in Egypt, Sisi said, is keen on communicating with US businessmen to know problems and obstacles, if any, they are facing and act to solve them.

He invited US companies to boost investments in all promising fields in Egypt.

Sisi hailed the robust strategic Egyptian-US ties, noting that bilateral relations have grown even stronger on the back of the recent developments across the region, especially the spread of terrorism, said spokesman Bassam Radi.

Sisi attributed Egypt’s stability to its security efforts and the belief of all Egyptians in the importance of protecting social peace and higher national interests and confronting terrorism, Radi added.

Egypt’s stability has its positive effects both on the regional as well as the international levels as it helps regain stability and security and drive development efforts across the Middle East, the president noted.

The president also reviewed during the meeting several investment opportunities in Egypt across various sectors including infrastructure, logistics, telecommunications and information technology and energy in addition to the pharmaceutical and auto industries, promising to remove all obstacles hindering investments, Radi said.

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Economy

Egypt, PRL sign train engines contracts worth $466.3M

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CAIRO – 16 November 2019: The Egyptian Railway Authority (ERA) signed with PRL (Progress Rail Automotives) a number of contracts worth $466.3 million after a meeting with President Abdel Fatah al-Sisi that took place last week.

The American company will supply 50 train engines over 22 months, carry out long-term maintenance for 41 engines by June 30, and upgrade 50 others within 30 months since the conclusion of the deal. The company will also provide maintenance services and spare parts for those 141 train engines for 15 years. The value of contracts will be secured through soft loans, except for $27 million that will be paid by ERA’s treasury.

In July, ERA endorsed the technical specifications of two passenger railcars to be supplied by Transmashholding in September. Those are part of a contract to supply 1,300 railcars. One of the railcars will be tested in Hungary, so it will be granted the safety certification by the European Railway Agency. The other will be tested in Egypt. Afterwards, the first batch of railcars in the contract will be delivered in accordance with the timeline set by both parties.

The contract states that 650 railcars will be supplied from Hungary, 500 will be delivered by Russia, and 150 will be manufactured by Egypt under the supervision of Transmashholding. An Egyptian locomotive factory will be established as part of a plan to localize the locomotive industry in Egypt and transfer the know-how to workers, technicians, and engineers in the sector. The factory will produce the 150 railcars and also provide maintenance services.

The representatives of ERA and Transmashholding agreed to hold further visits and meetings to study the possibility of cooperation in rail infrastructure, mobile rail, workshops, new lines, and maintenance of existing railcars.

In the same month, an official source told Egypt Today that ERA needs 12 rail test machines to detect and repair defects in railroads revealing that contracts to purchase eight of those are being finalized.

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ERA will receive four rail test machines worth €8.5 million by the end of 2020 supplied by an Austrian company with which a contract was signed a few months ago. The machines will enable the authority to better diagnose defects in the railroads which would increase the safety, and inhibit derailment accidents.

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France-Africa Summit secretary general praises Egypt’s experience in infrastructure

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Investment Minister Sahar Nasr meets with Secretary General of France-Africa Summit 2020 Stephanie Rivoal Reminisces- press photo

CAIRO – 8 November 2019: Ambassador Stephanie Rivoal Reminisces, the Secretary General of France-Africa Summit 2020, has hailed Egypt’s experience in the infrastructure field mainly with regard to the the sustainable and smart cities as well as digitization which she said offers investment opportunities to the private sector.

During her meeting with Investment Minister Sahar Nasr, the French diplomat added that France prioritizes consolidating strategic relations with the African countries, topped by Egypt, the current president of the African Union.

The meeting is held on Friday as part of Reminisces’s current visit to Egypt to hold talks with the government on preparations for the anticipated summit, slated for June, 2020. This year’s summit will focus on the sustainable cities.

Several heads of state and government will address the summit and meetings among businessmen from all over the African continents will be held as part of the summit’s activities, Reminisces said.

Also Read: Meet Mariatheresa S. Kadushi, Founder of M-afya, A Mobile App Providing Health Information In Native Languages In Africa

About 1,000 investors representing major, small and medium sized- businesses have been invited to the summit, Reminisces added.

Meanwhile, Nasr asserted Egypt’s keenness on developing cooperation with France at economic, development and investment levels.

She hailed successes achieved through the French investments in Egypt which she said hit 5.2 billion dollars with 160 French companies operating in the country.

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Egypt urges World Bank, IMF to support regional integrity in Africa

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CAIRO – 18 October 2019: Minister of Investment and International Cooperation Sahar Nasr called on the World Bank and IMF to boost their support to Egypt in achieving regional integrity and intra-trade in Africa, a press release on Friday read.

Addressing the Intergovernmental Group of 24 on International Monetary Affairs and Development in Washington, Nasr called on the WB and International Monetary Fund to expand investments in the region.

The minister said that Egypt’s vision to face the slowdown in global economic growth and trade tensions is to achieve more economic integration and continue to take the path of reform to make our economies more competitive and attractive for investment, to achieve the aspirations of the world countries in growth and development.

Nasr explained that the Egyptian government has implemented a comprehensive economic and social reform program to promote sustainable growth, alleviate poverty, create good jobs, enable the private sector to promote growth, and provide opportunities for all sectors of society to participate in the economy, especially women and young entrepreneurs.

The Minister added that President Abdel Fattah al-Sisi, as the chairman of the African Union, has set the achievement of regional economic integration as a top priority.

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Nasr also discussed Wednesday with the World Bank the provision of $500 million for the pollution control and solid waste management project in Egypt.

Nasr added in a statement that Egypt is also discussing with the World Bank raising the level of partnership to support the health and education sectors in Egypt.

For his part, World Bank Vice President for the Middle East and North Africa Farid Belhadj affirmed that Egypt is a very important country for the bank’s fields of work.

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“Therefore the World Bank is keen to contribute effectively to the efforts exerted to achieve development in Egypt, especially in the field of infrastructure, in light of the economic and legislative reform that contributed to improving the investment climate in Egypt,”Belhadj explained.

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