Trade minister, US ambassador discuss investment

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Industry and Trade Minister Mounir Fakhry Abdel-Nour met US Ambassador to Egypt Stephen Beecroft on Sunday to discuss Egyptian-US relations.

Abdel-Nour noted that bilateral relations should be normalised and economic and political ties should be promoted.

The meeting focussed on the importance of expanding the scope of cooperation in small- and medium-sized enterprises, and that technical and vocational training be the main fields of the economic development process.

Abdel-Nour also reviewed the government’s efforts to set up an appropriate stage for foreign investments, including the activation of the Egyptian Regulatory Reform and Development Activity which aims to revise laws regulating investment and combatting red tape.

As for Egypt’s preparations for the economic conference in Sharm El-Sheikh, which is scheduled for mid-March, Abdel-Nour said major European, American and Arab companies are expected to attend the event along with representatives of governments and international organisations.

Beecroft said his country was keen to promote relations with Egypt and expand the scope of cooperation, especially in investment, trade and funding.

Beecroft confirmed that a large number of investors will participate in the Sharm economic conference to boost their investments in Egypt.

The ambassador also said that the US and Egypt have identical views on the need to fight terrorism as it does not only threaten the Middle East region but the whole world as well.