CAIRO - A group of major US investors in Egypt have reaffirmed their commitment to Egypt during a business promotion trip this week. "The US corporations, which make up the US-Egypt Business Council, remain strongly committed to Egypt and to doing their part to help the Egyptian economy grow," said G. Steven Farris, Chairman and CEO of the Apache Corporation and the Chairman of the US-Egypt Business Council. Farris added that, with more than 40 years of experience in the country and with a cumulative investment of more than $11.5 billion, US companies realised that investing in Egypt continued to make compelling business sense today. The Apache Chairman said his company would increase its investments in Egypt by $1 billion next year, adding that other American companies would also likely increase their stake in markets here. The recent investor delegation visit to Egypt included 25 major US companies. During the visit, the Council launched two new studies to assess a potential US-Egypt Free Trade Agreement and for providing Egypt with further debt relief. "It's high time for a free trade agreement between the two countries," said Curt Ferguson, President of the Coca-Cola Company for the Middle East and North Africa. Ferguson added that his company had enormous confidence in the Egyptian economy's ability to grow. "What we need now is more communication and to give a realistic picture about the investment potential in this country. We also need all organisations to unite with one message. Too many different messages will not achieve the target," he said. Lionel Johnson, Vice-President for Middle Eastern and North African Affairs at the US Chamber of Commerce, said that the Chamber in Washington was looking forward to its continued partnership with the people of Egypt and companies of all sizes. "During the season of opportunities, we believe that it is imperative to support Egypt now, which is why our delegation has come here this week," he explained.
