U.S. Chamber, Egyptian Finance Minister Underscore Importance of U.S.-Egyptian Economic Relationship

WASHINGTON, D.C.—The U.S. Chamber of Commerce and the U.S.-Egypt Business Council hosted the Egyptian Minister of Finance, Youssef Boutros-Ghali, at a luncheon today. Minister Boutros-Ghali spoke on the growing importance of the U.S.–Egyptian economic relationship and discussed ongoing reforms within his country which aim to foster trade and investment between the two countries.

Minister Boutros-Ghali, who also holds the position of chairman of the International Monetary Financial Committee of the International Monetary Fund (IMF), is in Washington this week to attend the 2010 Annual Meetings of the IMF and the World Bank Group being held from October 8 through 10.

“The U.S.-Egypt Business Council has a true partner in Minister Boutros-Ghali,” said Steven Farris, Chairman and CEO of Apache Corporation and the Chairman of the U.S.-Egypt Business Council. “He is an advocate for international trade and investment as a way to drive economic growth, create jobs, and strengthen Egypt’s economic competitiveness.”

“The Middle East provides tremendous growth opportunities for U.S. companies and Egypt is a centerpiece of the Middle East region” said Myron Brilliant, senior vice president of the U.S. Chamber. “With economic reforms taking place in Egypt, the business environment has become more attractive for U.S. companies to expand markets for their goods and services.”

According to the Office of the U.S. Trade Representative, Egypt and the United States exchanged $8.4 billion in goods in 2008. The amount of goods exported from the United States to Egypt in 2008 totaled $6.0 billion, up 12.8% from the previous year and led to a trade surplus with Egypt totaling $3.7 billion.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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