Global Arab Network | Egypt-US economic relations - More than assistance

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Egypt-US economic relations - More than assistance

Global Arab Network - - Gamal Ragay

Wednesday, 14 April 2010 13:24

Egypt-US economic relations are not relying on assistance, said Egyptian Minister of Trade and Industry Rasheed Mohammed Rasheed in his speech at the closing session of the first meeting of the Egyptian-American Business Council Forum.

Rasheed added that these relations are now based on mechanisms for increasing trade exchange and joint investments along with human capacity building.

Export operations between the two countries create around 30,000 jobs, he said, adding that Egyptian exports to the US markets are increasing.

He highlighted the importance of joint strategic partnership for building administrative and marketing human capacities.

In a press conference after the meeting, Rasheed noted that there are several untapped investment opportunities between both sides.

New laws in Egypt, including those regulating public-private partnership, production and new energy distribution, help create more investment opportunities in Egypt in the coming period, he added.

Despite economic changes worldwide, the US will remain the first economic power in the world, said Rasheed.

Meanwhile, the minister said that chambers of commerce in Egypt are totally independent and committed to law, believing the upcoming elections will be fair and transparent.

Worth mentioning, that net international reserves with the Central Bank of Egypt (CBE) rose by $3 billion or 9.2 percent to $34.3 billion at the end of February, a monthly bulletin said on April 13th 2010.

The CBE bulletin said the amount covers 8.8 months of merchandise imports, noting that total investments made during the period from July to December hit LE98.5 billion.

As for foreign currency assets, the CBE said they went up LE7 billion or 2.8 percent while domestic liquidity amounted to LE867.7 billion at the end of January.

Global Arab Network

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