U.S. Chamber Urges Closer Business Ties with Egypt

WASHINGTON, D.C. — The United States Chamber of Commerce today announced the first U.S.-Egypt business partnership with the American Chamber of Commerce in Egypt to advance import/export opportunities.

"Only 4% of the world's consumers live in the United States," said Thomas Donohue, Chamber president and CEO. "The Chamber is uniquely positioned to help American businesses reach the other 96% of the world's consumers through its affiliation with more than 90 American Chambers of Commerce abroad."

Opening an Office of U.S.-Egypt Business Partnership Development highlights the importance of increased trade to both countries, according to the Chamber. Two-way trade between the United States and Egypt in 2000 was $4.2 billion (exports of $3.3 billion, and imports of $0.9 billion).

The partnership project will reach out to Chamber members interested in Egypt trade and investment opportunities. AmCham Egypt will also assist the project in developing the understanding of Egyptian business cultures and practices necessary to make business development efforts successful and identifying a base of Egyptian firms to participate in the office's business partnering programs.

"This agreement will lead to an expansion of trade and investment between the United States and Egypt and is the first step toward a possible trade agreement on a mutually beneficial, reciprocal basis," said Donohue. "The Chamber is committed to expanding the opportunities for U.S. businesses in every market."

The Chamber announced the Office of U.S.-Egypt Business Partnership Development in conjunction with a visit today by Egyptian President Hosni Mubarak. Mubarak addressed the Chamber's International Forum on the importance of strengthening Egyptian-U.S. economic relations.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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