Trade Between Egypt and the United States Rises by 29.2% in First Seven Months of 2018
Egypt is the top destination for American investment in Africa.
Relations between the United States and Egypt are flourishing, with trade exchanges between the two rising by 29.2% in the first seven months of 2018, according to Mubasher.
Trade exchange this year reached a whopping $3.8 billion, compared with $2.96 billion for the same period last year, said Egypt Trade Minister Amr Nassar in a meeting with the US Egypt Business Council.
He also indicated that the United States is one of the key markets for Egyptian imports, totaling $832 million in this seven-month period.
In Egypt, American investment stands at $2.4 billion, with a total of 1,222 projects in various sectors, accounting for nearly 35.4% of American investments in Africa, and 46.2% in the Middle East.
Today, Egypt is the top destination in Africa for American investment, which comes as no big surprise, as it was recently announced that Egypt is the top destination in Africa for foreign investment altogether.
In 2017, in a meeting with a number of representatives from American banks and big corporations, Minister of Investment and International Co-operation Sahar Nasr announced that Egypt launched an economic reform program that targets the growth and improvement of the investment climate in order to attract more investors, confirming the ministry’s keenness to increase American investment in Egypt.
Main image from mondiallogistics-eg.net