Egypt Expects $7 Billion Trade Volume with U.S. This Year

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Researched by Industrial Info Resources (Sugar Land, Texas)--The U.S. is Egypt's largest bilateral trading partner, and Egypt is the fourth-largest export market for U.S. products and services in the Middle East. According to the Central Bank of Egypt, the U.S. was the top destination for Egypt's industrial exports, followed by Italy and Saudi Arabia in 2008. Meanwhile, total U.S. investment in Egypt amounted to $7.5 billion in the same year, as announced by the Ministry of Trade and Industry. As a result of the global economic crisis, the U.S. direct investment in Egypt fell to about $3.5 billion in 2009.

In 2010, bilateral trade between the U.S. and Egypt is expected to exceed $7 billion. Egypt's main exports to the U.S. include petroleum and petroleum products; natural gas (liquefied and non-liquefied); textiles and apparel; iron and steel; aluminum; lime; cement and fabricated construction materials (except glass and clay); fertilizers; furniture; lamps and lighting fittings; works of art and antiques; artificial graphite; and cotton (not carded or combed). Egypt's main imports from the U.S. include wheat; corn; soybeans; pulverized coal; polypropylene; iron and steel pipes; chloride polyvinyl; meat; aircrafts; and spacecraft and parts.

This month, representatives of CH2M Hill (Englewood, Colorado) met with Dr. Mahmoud Mohieldin, the Egyptian Minister of Investment. The company discussed its various projects in Egypt, as well as globally, such as improving and widening water drainage networks, establishing water supply systems, and other infrastructure tasks.

The meeting outlined infrastructure projects supervised by the Egyptian Ministry of Investment, set to be performed under the public-private partnership scheme. Projects are available along the newly constructed Upper Egypt-Red Sea Road, in the North-West Suez Gulf Economic Zone. There also are other propositions such as the development of ports; new and renewable energy; and roads and tunnels.

Dr. Mohieldin said: "Egypt has a promising market with a large economic base and high growth rates. Egypt's economy has secured a growth rate of 4.7%, despite the tough global downturn". The minister designated the General Authority for Investment to continue cooperating with the CH2M Hill officials for regular updates on the major proposals available for CH2M Hill. This will boost economic growth and attract more investments to Egypt.

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