Business atmosphere in Egypt of hope & optimism: AmCham

Let’s start with the general overview of the business environment. We have witnessed many changes since June 2014. Things are starting to move now. The Suez Canal development is dominating the headlines. What is your personal assessment of the atmosphere in Egypt right now?

The general atmosphere now is that of hope and optimism. The current government has sent out many messages of reassurance to investors. A series of significant reforms and national projects have been launched. The Suez Canal expansion and area development project launched by the government intends to transform the Suez Canal area into an economic international hub that is set to attract huge investments in many sectors.

These recent developments have restored the Egyptian’s sense of pride and hope for the future.

Let’s talk about Egypt’s competitiveness with respect to the industry and what it has to offer. What are Egypt’s key strong points?

I believe Egypt has several fundamentals in place that give it a competitive edge. First is its geography; and we call it the ‘genius of the location’; it is in Africa and in the Middle East; enjoying proximity to Asia and Europe, it’s on the Red Sea, the Mediterranean; has the Nile and the Suez Canal. Then you look at the trade agreements that Egypt has; the General Arab Free Trade Agreement (GAFTA), the EU partnership agreement and the COMESA with Eastern and Southern Africa trade agreements. Egypt is ideally suited to become a regional export hub for US and multinational companies.

What is the role of the American Chamber of Commerce in Egypt (AmCham)? What is your mission here?