Representatives from over 60 U.S. companies visit Egypt

PanARMENIAN.Net - Representatives from over 60 U.S. companies wrapped up Tuesday, Nov 11, a two-day visit to Egypt described as the largest such delegation in history that aimed to explore potential businesses to boost the country's ailing economy. But critics say the visit strikes the wrong tone amid a government crackdown on freedoms, the Associated Press reports.

Delegates to the conference, organized by the U.S. Chamber of Commerce, stayed clear of politics. During a two-hour meeting with President Abdel-Fattah el-Sissi, they listened to his vision for improving the economy and the pressures he faces from a disgruntled and demanding population.

"We all recognize that this country has been through turmoil and we recognize that the economy is challenged," said Gregori Lebedev, a senior member of the Board of the Directors of the Chamber of Commerce and co-leader of the delegation. "I think the size of the delegation reflects the fact there was a prospect of change and reform and let's go see for ourselves what those prospects are because we would like to be a part of that solution if we can and we certainly want to be part of (Egypt's) long term growth."

During the delegation's meeting with el-Sissi Monday, Lebedev said it was clear that the new government is not "whitewashing" the country's myriad problems, commending the new energy he said characterized the economic team picked by the president.

"I think people have to give some amount of credit for an otherwise successful individual (el-Sissi) to take on challenges that most people would turn away from," he said.

Khush Choksy, the vice president of the U.S. chamber of commerce for Middle East affairs, said the timing of the visit couldn't have been better to seize on positive signals the government has sent to the business community.

"Business likes to get in the act early," he said, adding that visit hopes to boost American investment in Egypt, which now stands at over $10 billion, at a time when its government took drastic and much awaited economic reforms such as cutting fuel subsidies.

El-Sissi has also launched a number of mega-projects aimed at jumpstarting the economy and providing employment. Such projects, as well as Egyptian interest in investing in them, Choksy said, have triggered interests of private American businesses. He said the chamber plans to host another regional investment conference in Egypt next spring.