Sisi’s visit to Washington will enhance Egypt-US business relations

CAIRO - 1 April 2017: Egypt-U.S. economic relations will see a leap in many fields during Egyptian President Abdel Fatah al-Sisi’s official visit to Washington this week, said Egyptian Minister of Trade Tarek Kabil in a statement on Saturday. Sisi will meet with U.S. President Donald Trump Monday

“Sisi’s visit to the U.S. after electing a new administration led by President Donald Trump is a significant step towards opening new prospects to enhance economic and business partnership and to exchange the two countries’ mutual interests,” Kabil added.

The U.S.-Egyptian trade volume increased to $5 billion in 2016 compared with $4.7 billion in 2015, the Minister said; Egyptian exports to the U.S. went up by 6 percent, hitting around $1.5 billion in 2016 from $1.4 billion in 2015, the statement said.

Meanwhile, Egyptian imports from U.S. states declined by 26 percent after recording $3.5 billion in 2016, compared with $4.75 billion in 2015. Cairo ranked 49 in the list of countries importing from the U.S.

The trade balance deficit between the two countries declined from $3.34 billion in 2015 to $2.13 billion in 2016, a decrease of 40 percent.

Egypt is the U.S.’ largest business partner in African and the second largest in the Middle East, following the United Arab of Emirates, according to 2015 numbers, Kabil continued, adding that U.S. direct investment in Egypt represents 33 percent of U.S. investments in whole of Africa as a total of 1,221 companies invest $23.7 billion in many fields.

President Sisi left Cairo Saturday for his first state visit to Washington D.C. He will meet with American businessmen to “deliver a strong message that the Egyptian market is open for American companies and others,” Egyptian Ambassador to Washington Yasser Reda

told an Egyptian press delegation

Friday.

Sisi will also meet with Chairman of the World Bank Jim Yong Kim and Director of the International Monetary Fund (IMF) Christine Lagarde, according to a Saturday statement from the Egyptian Presidency.