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On November 14, Amcham hosted a breakfast briefing and discussion
at the Four Seasons Grand Plaza Hotel with Frank Mermoud,
special representative, commercial and business affairs at
the US Department of State, as the guest of honor. The visiting
US official is responsible for managing US commercial and
business affairs programs, developing strategic advocacy assistance
for American businesses worldwide and integrating business
perspectives into US foreign policy.
Amcham president Taher Helmy introduced Mermoud, highlighting
the important role his office plays in supporting business
interests of mutual concern to the US and Egypt.
Mermoud praised Egypt's government for its bold reform program,
which has implemented economic reforms in parallel with political
reforms. He stressed that the business community must support
these efforts, noting that the business interests of the US
and Egypt are "intricately tied together."
Despite progress, Mermoud stressed that much work remains
to be done on increasing trade across borders, streamlining
the registration of businesses and decreasing unemployment,
which continues to pose a major challenge for Egypt's economy.
He said one of the best ways to tackle unemployment would
be to boost foreign and inter-regional investment, particularly
by drawing Arab capital that is otherwise invested outside
of the region.
He went on to outline what he described as the fundamental
conditions for increasing international trade and facilitating
economic growth, namely: suitable legislation to protect property,
harmonization of customs procedures, removal of tariff and
non-tariff trade barriers, and privatization. He expressed
hope that Egypt would continue to work in this direction,
adding that Egypt is one of four countries that the US administration
is currently considering for a free trade agreement (FTA).
He did not give a timetable for implementation, but said assuredly
that "the political will is there."
The floor was then open for questions and comments. AmCham
members posed questions related to Egypt's new anti-monopoly
law and US support in this regard, the relation between business
and US foreign policy, and concerns about foreign funding
of unregistered NGOs.
Following the discussion, Helmy presented to Mermoud a certificate
of appreciation on behalf of AmCham Egypt.
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