(C) U.S. State Dept
This story was originally published by U.S. State Dept and is unaltered.
. . . . . . . . . .



Remarks at the Second Convening of the U.S.-Egypt Joint Economic Commission [1]

[]

Date: 2024-09

As delivered.

Good morning. It’s my pleasure to welcome Ambassador Aboul-Enein, Ambassador Zahran, and the entire Egyptian delegation to this second meeting of the U.S.-Egypt Joint Economic Commission or “JEC.”

We’re here today to reinforce the shared vision of President Biden and President El-Sisi to further the economic cooperation between our two countries for the mutual benefit of Egyptian and American people. The actions we discuss in today’s JEC will both build on the progress made during the 2023 JEC in Cairo and cement greater collaboration into the future.

The President, the Secretary of State, and leaders across the U.S. government are committed to building the broader bilateral relationship, with the JEC being an important priority for the administration and for the state department.

Our economic work today is more crucial than ever. Strengthening cooperation between our two countries through the JEC, and the connections made here, will enable our business communities to deepen commercial relationships and we as governments to solve common challenges together.

We urge Egypt to stay the course with its economic reform agenda to realize the benefits of increased private sector-led growth. We are greatly encouraged by the bold decisions the Egyptian government has made in adopting a flexible exchange rate and enacting subsidy reforms, and we laud the dedication of this government to pursue the long-term health of the Egyptian economy and the welfare of its people in the face of regional challenges.

Partnerships like the JEC can help pave the way towards a stable, and ultimately, flourishing economy. Refining conditions that attract foreign direct investment are critical to this effort – as is fostering the broader regulatory framework to expand bilateral trade and investment.

We can see this today as the United States is one of the largest foreign investors in Egypt, with more than 1,000 American companies in operation. Many of these businesses invest in local research and development, have regional headquarters in Cairo, and manufacture in Egypt for export to the Middle East, Africa, and Europe. They want to be in Egypt because they recognize what we also recognize – the Egyptian economy offers immense opportunities across many sectors.

Our work through the JEC builds on more than a century of diplomatic cooperation and friendship between our two countries. This deep partnership has proven flexible to changing external circumstances as Egypt continues building a stable and prosperous future that advances the basic rights and fundamental freedoms of its citizens.

Thank you.

[END]
---
[1] Url: https://www.state.gov/remarks-at-the-second-convening-of-the-u-s-egypt-joint-economic-commission

Published and (C) by U.S. State Dept
Content appears here under this condition or license: Public Domain.

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/usstate/