Cairo: Minister of Industry Khaled Hashem discussed with U.S. Assistant Secretary of Commerce for Industry and Analysis Stephen Haynes ways to strengthen and develop industrial relations between Egypt and the United States and enhance cooperation in investment and technology transfer.
According to State Information Service Egypt, Hashem emphasized the long-standing fruitful cooperation between Egypt and the US across various fields. He highlighted the Egyptian government's commitment to deepening industrial cooperation with the United States and attracting more U.S. investments to the Egyptian market. He also addressed the need to resolve any challenges that American investors might face.
Hashem explained that the Ministry of Industry's strategy aims to double Egypt's industrial exports to $100 billion by 2030, focusing on seven priority industrial sectors as well as other industries. The strategy promotes the circular economy and expands recycling to integrate Egypt into global supply chains.
The Minister stressed the importance of increasing the presence of American companies in the identified priority sectors. He called for the translation of the strong bilateral relationship into concrete projects and investments that serve the economic interests of both countries. Hashem added that Egypt offers attractive advantages for industrial investment, including advanced infrastructure, investment incentives, a strategic geographic location, and free trade agreements with numerous global markets.
He urged the U.S. side to intensify efforts to encourage American companies to invest in Egypt and benefit from these advantages. The ministry is currently focusing on providing technical support to factories and strengthening partnerships with international development partners to facilitate the transfer of technology, expertise, and industrial knowledge.
Hashem also mentioned efforts to facilitate the establishment of industrial projects, particularly small and medium-sized enterprises and feeder industries, as they are crucial for deepening local manufacturing and strengthening integration into global supply chains.
For his part, Haynes affirmed the U.S. commitment to strengthening economic and industrial cooperation with Egypt. He noted that American companies operating in the Egyptian market have become successful investment models, particularly in the automotive, crops, and food industries. Haynes highlighted that U.S. companies possess advanced expertise in AI applications and industrial technology solutions that could contribute to the development of Egypt's industrial sector. He proposed focusing cooperation on three to five priority industrial sectors.
Haynes praised the Ministry of Industry's efforts to improve the investment climate and remove obstacles facing investors. He invited the Egyptian minister to visit the United States to present Egypt's industrial development strategy to the U.S. government and leading American companies, showcasing the investment and trade opportunities available to expand industrial partnerships in the coming period.