Minister of Investment Sahar Nasr affirmed during a meeting on Tuesday with a delegation representing 40 US companies investing in Egypt that the government is actively working on encouraging investments of the private sector.
The meeting was attended by the Charge d’Affaires at the US Embassy in Cairo Thomas Goldberger, the Egyptian ministers of electricity, finance and agriculture.
During the meeting, Nasr referred to the private sector’s role in achieving economic growth, creating job opportunities and reducing poverty in Egypt, pointing out to the economic achievements over the past period, including economic and legislative reforms, as well as Egypt’s new investment law.
Minister of Electricity Mohamed Shaker called on the US firms to invest in the renewable energy sector in the country, in line with the government’s plans to depend more on renewable energy.
“By 2035, 42 percent of Egypt’s energy will be generated from renewable energy’, the minister stated.
Minister of Finance Mohamed Moeet said that more than 85 percent of the economic reform program is accomplished.
The Charge d’Affaires at the US Embassy in Cairo Thomas Goldberge hailed the Egyptian government’s efforts to facilitate the investors’ work according to international standards, pointing out that the US companies are interested in expanding their activities in Egypt within the coming period.
The US diplomat praised the Egyptian government economic reforms, saying they created a suitable atmosphere for luring more US investments in Egypt, which amounted to $21.6 billion.
‘The US firms pumped investments worth $1 billion into the Egyptian market during the fiscal year 2017/2018’ , he added.
Meanwhile, the US delegation expressed interest in starting new business in the Egyptian market within the coming period, affirming that an investment delegation including major US companies is scheduled to visit Egypt in October.