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U.S. business delegation wraps up visit to Egypt

U.S. business delegation wraps up visit to Egypt
Representatives from over 60 U.S. companies wrapped up Tuesday a two-day visit to Egypt described as the largest such delegation in history.
The visit was aimed to explore potential businesses to boost the country’s ailing economy. During a two-hour meeting with President Abdel-Fattah El-Sissi, the delegation listened to his vision for improving the economy and the pressures he faces from a disgruntled and demanding population.
The delegation includes a personal envoy from U.S. Secretary of State John Kerry, Ambassador David Thorne. Ahead of the visit, Kerry said a critical component of Egypt’s success is economic growth driven by policy reform, a message the delegation will deliver to Egyptian authorities.
"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."
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.
For Egyptian businessmen, the conference is an opportunity to commit the government to a more business friendly environment.
"One of the recommendations (to the government) will be to be very transparent, to be very candid about what laws are going to be changed and to be candid that nothing will be taken retroactive on any of the decisions taken by the government," Hisham Fahmy, head of the American Chamber of Commerce in Egypt, told AP.