CAIRO: “Egypt is here, we are here, and we are not afraid to be here,” Lionel Johnson, vice president of the US Chamber of Commerce, told reporters at a roundtable meeting ahead of the US business delegation's visit on June 8. Members of the US-Egyptian Business Council, along with the US chamber of Commerce reiterated their commitment to Egypt's market, announcing the prospect of new investments in the coming period. “For the US, the American-Egyptian relationship has always been very important,” said Johnson. “What Egypt does here will contribute to the entire region's reform.” The team also announced that promoting a US-Egypt free trade agreement is one of their top priorities. Executives from Google, Citigroup, Boeing and other US companies will also be part of the delegation that will meet Prime Minister Essam Sharaf, other senior officials, business leaders and civil society groups. Representatives from IBM, Johnson & Johnson, Merck, Metropolitan Life and General Motors will also be on the trip to Cairo, Reuters reported. “There will be studies now will identify the steps that need to be taken in order to work towards a free trade agreement,” said Khush Choksy, executive director of the US-Egypt Business Council. “The council will highly recommend that the two governments consider this agreement,” he added. Around $9 billion dollars out of Egypt's $11.1 billion in annual foreign investments were from US companies, he said. Egypt's exports to the US in 2010 totaled $2.23 billion and $171.0 million for January 2011; while imports totaled $6.84 billion in 2010 and $658.8 million in January 2011. Prior to the official council delegation on June 8, which will be discussing future business opportunities, announced that the main focus is to support small and medium enterprises in order to alleviate Egypt's unemployment. “We have a large number of companies, large and small, looking for opportunities to grow their investments,” Johnson said. In fact, Joseph G. Fawkner, senior director of international development and international affairs at the US Chamber of Commerce, added that 90 percent of the chamber's base is SMEs. Johnson stressed that the creation of jobs, especially for young individuals, would be the focus of investment opportunities for the delegation. “These are the kind of investments that'll go towards creating jobs, job creation is the foremost on our mind… it's a catalyst for the kind of change you need to see.” He also pointed out that, before the revolution, the country's economy had seen growth, however, there was a lack of transparency or accountability. After Egypt's January 25 Revolution, which forced Hosni Mubarak and the previous regime out of power, Egyptians have continue to push for democratic reform. The US business delegation has plans to assist in the transitional period as Egyptians pave their way towards democracy. “Promoting social inclusion and helping with this process is what we hope to do,” said Johnson. In response to public concern about the stance of the American companies planning to invest in Egypt, Choksy added that many of the companies, which will be participating in the delegation, have been in Egypt since 1952 and before Hosni Mubarak's era. “These companies have a comprehensive corporate social responsibility program,” he said. “Most of their employees are Egyptian and the money that comes out of these investments don't go to the United States.” Gerald Hawkins, Group Country Manager for Visa Inc, is visiting Egypt as one of the delegates of the US Chamber of Commerce delegation, which will encompass meetings with ministers, the US ambassador, emerging business and other leaders “who will help shape the future of Egypt,” according to a statement. The General Authority for Investment (GAFI), headed by chairman Osama Saleh, will also meet with the US-Egypt Business Council's delegation, “to demonstrate the commitment of American businesses to the long-term economic well-being of Egypt.” Fayza Aboul Naga, minister of international cooperation, will be in attendance along with the US ambassador to Egypt and Steve Farris, CEO of Apache Corporation. Obama also pledged up to $1 billion in loans or loan guarantees through the Overseas Private Investment Corp. to finance infrastructure projects and support job creation. Joseph G. Fawkner at the head of the table.
