US businessmen upbeat over investment climate in Egypt

US businessmen are optimistic over the investment climate in Egypt now more than they were at any other time before, said Vice President of the Middle East and Turkey Affairs at the US Chamber of Commerce Khush Choksy.

The optimism is prompted by the developments that have taken place in Egypt since Egyptian President Abdel Fattah El Sisi assumed power, Choksy said at a seminar by the Middle East Institute in Washington on the future of investments in Egypt after Sharm el Sheikh conference.

Directors of more than 20 major American companies have visited Egypt all through the last year and this does not only show their interest in investing in Egypt but also their desire to increase their investment portfolio in the country, he said.

But he underlined the importance that Egypt continues economic reforms, especially as related to laws regulating investments.

Such reforms will encourage foreign businessmen, including the Americans, to increase their presence on the Egyptian market, he added.

There are more than 60 American companies operating in the gas sector in Egypt, he noted.

He expressed the chamber's support for holding Egyptian-American strategic dialogue that focuses on economy and investment-related issues.

Christopher Jarvis, adviser of the Mideast and Central Asia Department at the International Monetary Fund (IMF), said Sharm conference was an important chance to increase investments in Egypt, adding that 60-billion-dollar worth of investments were secured during the economic event.

It is a good indicator on the confidence in the Egyptian economy, he said. But he made clear that the Egyptian government should use these investments to create more jobs in the short run and increase growth rate in the medium term.

He said the Fund is willing to continue technical assistance which it has already started a year ago to Egypt and offer necessary funding if requested by the Egyptian government.

He denied that the fund has been exercising any pressure on the Egyptian government, saying the decision to get a loan from the IMF is certainly at the hands of the Egyptian government and Central Bank alone.

The Fund is ready to help Egypt in whatever way the country deems appropriate, he added.