“The success of US businesses in Egypt is in America's best interests. It's good for the US economy and it's good for US-Egypt relations,” US Ambassador to Egypt Jonathan Cohen said this week. The recently-appointed US ambassador's remarks came during a meeting with members of Egypt's American Chamber of Commerce (AmCham). In his address called “The US-Egyptian Strategic Partnership and Opportunities for Commercial Engagement”, Cohen said that he would be “working tirelessly to create and expand business opportunities between the US and Egypt, and working with the Egyptian government… to build an environment that attracts US investment and in which a strong private sector can generate jobs and deliver the economic growth that Egypt needs". The post of US ambassador to Egypt had been vacant since July 2017 after Robert Stephen Beecroft completed his three-year term. Cohen has served as acting representative of the US to the United Nations, and served at US embassies in Iraq, France, Cyprus, Italy, Turkey and Sweden. He was also deputy assistant secretary of state for European and Eurasian affairs covering Cyprus, Greece and Turkey. He said Egypt was a dynamic country with a complex economy and unique regional challenges and that he was working hard to understand the specific challenges US companies face here. According to US embassy figures, Egypt is the fourth largest export market for US goods and services in the Middle East, and the largest market for US goods and service exports on the African continent. From 2017 to 2019, total US-Egyptian bilateral trade grew by over 44 per cent, reaching $8.2 billion. US goods exported to Egypt were $5.2 billion, up 30 per cent over the past two years. Corresponding US imports from Egypt were $3 billion, up 76 per cent in two years. Agriculture alone accounted for nearly 60 per cent of US-Egypt bilateral trade last year. “The American brand is not just about US foreign policy and what we do at the embassy or in Washington. It is about what you all do as well,” Cohen said. “The quality products and services you bring to the market here. The jobs you create. The innovation and entrepreneurship you inculcate. The knowledge and technology you transfer. The corporate social responsibility projects you undertake. And the improvements to Egypt's healthcare, transportation, education, agriculture, and infrastructure that come with your investments here.” The US ambassador added that over the past three years, the US connected over 10,000 young entrepreneurs to financing and business development and mentoring services. Cohen also reminded the AmCham audience of US military and security assistance to Egypt, saying it remains a lasting testament to Egypt's historic peace treaty with Israel 41 years ago and totals over $50 billion over that time span. Additionally, he said the US currently has over 500 military equipment transfer, repair, and training issues ongoing with Egypt. These cases range from aircraft to armoured vehicles to medical assistance to maritime security vessels, with a total value of over $20 billion. Cohen also drew attention to the fact that NileSat, the Egyptian company which runs Egypt's communications satellites, had chosen California's SpaceX, which designs, manufactures and launches advanced rockets and spacecraft, to launch their newest satellite into space adding that he expected to see a lot more US interest in Egypt as new space-related opportunities arise. “When we think about commercial engagement, we should also consider the people-to-people relationships that will lay the foundation for long-term commercial partnerships,” Cohen said. Last year, the US embassy issued over 46,000 visas to Egyptians. That included 1,000 student visas and 2,000 exchange visas. “These students and exchange visitors are building the relationships today that will form the bedrock of our partnership for years to come,” Cohen said. “And in the same way, the thousands of Americans who are visiting Egypt every year — many for tourism but also for business — are returning to America with a [clearer] picture of the opportunities available here.”
*A version of this article appears in print in the 30 January, 2020 edition of Al-Ahram Weekly.
