Information technology and communications sectors were a prominent contingent at a recent business conference focusing on investment opportunities in post-revolution Egypt, reports indicated on Saturday. Washington, DC hosted the “Egypt Forward” business conference on June 27th. In attendance were chief executives of American companies as well as 49 Egyptian businessmen. Information technology and communications (ITC) were one of four sectors discussed at the conference. Alaa Qinawi, an under-secretary at the Ministry of Trade and Industry spoke at the conference, telling the American executives that Egypt's transitional period is “leading steadily towards true democracy, better governance and more transparency. Such developments will play a pivotal role in improving Egypt's economic growth potential.” Egyptian Business executive Yasser El-Qadi echoed those sentiments in an interview with Computerworld magazine, saying that operations would not be interrupted by actions like the periodic Internet blackouts during the 18-day uprising that deposed former Egyptian President Hosni Mubarak. El-Qadi also underlined the relationship between a healthy business environment and political development. American investment accounts for about 13 percent of foreign direct investment (FDI) in the Egyptian economy. Total investment in September 2010 totaled $11.6 billion. Investment is set to grow, with the United States recently setting aside $300 million in loan guarantees for small and medium-sized enterprises. The United States is Egypt's largest trading partner. Bilateral trade was $9 billion, accounting for 15 percent of Egyptian imports. BM
