US-Egypt Joint Economic Commission 2nd round to start in September

The intra-regional trade rates and joint investment programmes have recently increased between the two countries, Minister of Investment and External Trade Hassan ElKhatib said during his meeting with the US Ambassador to Egypt Herro Mustafa Garg.

ElKhatib and Garg reviewed the topics of the second round of the US-Egypt Joint Economic Commission, which will witness meetings between the two sides on a formal and businessmen level.

The first day will see a meeting between governmental representatives from the two countries to follow up on the execution of the outcomes of the first round of May 2023 and showcase the economic updates and investment incentives of companies and investment fields in Egypt.

However, the second day will focus on coordination between private sector companies in the two countries in collaboration with priority sectors in Egypt.

Minister ElKhatib also noted that Egypt and the US enjoy longstanding bilateral relations and fruitful cooperation across various fields.

On her side, Garg stated that her country is keen on strengthening economic cooperation with Egypt, especially in trade, investment, energy, and environment.

She expressed the US embassy's interest in the joint committee's upcoming meeting and her keenness that it would achieve the desired results.  

The cooperation between the two countries would be a main focus for the US embassy in the upcoming period, especially in the economy and education, Garg said in a meeting with Prime Minister Mostafa Madbouly in July.  

It is worth noting that President Abdel-Fattah El-Sisi accepted the credentials of 12 new ambassadors to Egypt, including that of the United States, in July.

Egypt-US economic ties
 

According to the US State Department, most American firms' activities lie in oil and gas exploration and production sectors, the hospitality industry, and the telecommunications and information technology industry.

Additionally, the US foreign direct investments (FDI) in Egypt posted $12.7 billion in 2022, an 8.6 percent increase compared to 2021, according to the Office of the United States Trade Representative.