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VIEWPOINT

A deeper understanding

For the past 17 years AmCham has organized an annual "Doorknock" mission to the United States to help strengthen our economic ties and seek new opportunities for trade and other kinds of exchange.

This year the theme of our visit is "Egypt: Key to Regional Trade." On March 17, a group of about 35 AmCham members will travel to Washington DC for meetings with members of Congress, the Center for Strategic International Studies (a Washington-based think tank) and representatives from the IMF and World Bank.

A stopover in New York will allow for more meetings with the U.S. financial community and a special trade mission to California is planned. We will carry with us reports on our economy, the progress of USAID initiatives in Egypt and the state of regional trade after the Common Market for Eastern and Southern Africa (COMESA) agreement.

AmCham was pleased in 1999 to receive a visit from U.S. Secretary of Commerce, Mr. William Daley, who expressed enthusiasm for the prospects of increased trade between our countries. Today, Egypt imports from every state in America. However, the total value of Egyptian imports from America amounted to around $3 billion in 1998, whereas exports stood at just $660 million. Clearly, given the environment of political stability and economic revitalization and the reduction of USAID funding based on Egypt's economic liberalization, the time has come to close this gap.

America stands at the top of the list of foreign investors in Egypt, and investments have doubled since 1995 - one very positive indicator of the impact of economic reform. In addition, a constellation of U.S.-based multinationals operating here draw attention to the fact that their profit margins are among the highest of their global operations. Aside from the petroleum sector, where US companies dominate, a short list of corporate success stories includes GM, Xerox, Union Car-bide, Nestle, Carrier, Ideal Standard and Philip Morris.

Egypt is committed to building its industrial base, and well aware that technology transfer is a key benefit of hosting US companies. Our nascent information technology industry holds promise, as does the expansion and upgrading of our telecommunications manufacturing industry. Issues such as e-commerce and intellectual property rights protection, which relate to the success of these and other export-oriented businesses, will figure prominently in this year's mission.

Along these lines, the meetings in California will stress strategies for the development of our information technology and software industries, as well as agribusiness - another specialty of that state. We are grateful to the U.S. Department of Commerce, the World Trade Center in California and the Egyptian Consul General, Mme. Hager El Islambouli for organizing our visit there.

I'd like to think that these visits to America, with their many interactions, have important benefits that have nothing to do with business. Since our delegation is composed of members of the private sector, it becomes a kind of informal embassy to the U.S. - one that I hope serves to deepen our understanding of each other's aims and way of life.

This year, AmCham will have the honor of hosting a charity event in the Great Hall at the Library of Commerce in Washington, to raise funds for the completion of Egypt's Library of Alexandria under the auspices of UNESCO. Our First Lady, H.E. Mrs. Suzanne Mubarak, who has championed the cause of literacy in Egypt and abroad, has graciously accepted our invitation to attend as guest speaker. The revival of the ancient library at Alexandria is a project that embodies the universal values of culture and knowledge.

We also share an esteem for peace, and the American administration can bring us closer to achieving this essential condition for regional prosperity. Egypt has been and will continue to be the regional leader in economic reform and stability. Our goal, throughout the Doorknock journey, will be to find ways to maximize the beneficial outcomes of a strong, mutually supportive relationship.

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