US investors express confidence in Egypt's investment climate

Investment Minister Ashraf Salman on Saturday said US investors expressed their confidence in Egypt's investment climate in light of the improved internal situation, stability achieved in the country and the success of the state in completing all projects announced last year.

After a meeting between President Abdel Fattah El Sisi and American investors, Salman said that Sisi held meetings with international companies, businessmen and investors on the sidelines of the General Assembly of the United Nations to talk about the progress of the investment situation in Egypt and the whole situation in the country.

Economic indicators were better than our expectations, the minister said.

Egypt's gross domestic product (GDP) was expected to reach 3.2 percent this year, but it rose to 4 percent, while the unemployment rate was expected to hit 13 percent, but it went down to 11 percent, he added.

Last year, Sisi spoke about the New Suez Canal project, and the Americans said that the completion of the project within only one year is difficult, while the project has been achieved on time, Salman said.

The president assured the American investors that the government pays special attention to promoting investment, particularly in the tourism and industry sectors, he added.

Sisi told the investors that the government is working seriously on developing infrastructure to serve the investment sector, Salman said.

Sisi also assured them that Egypt is going towards a service economy, and that their investments in Egypt would have a significant impact for them and the country at the same time, he added.

Responses from the investors about their meeting with Sisi this year was different from that of last year. The feedback was significantly positive, the minister concluded.

Source: MENA