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AMERICA IN TRANSITION
This year’s DoorKnock delegation found Capitol Hill caught up in election fever, while public concern regarding economic pressures was on the rise. The US economy accounts for a whopping third of the entire world economy, but it is suffering from low growth rates, which is bad news for everyone, while inflation and unemployment are growing.
US spending on the Iraq War is meanwhile a startling $5,000 per second, and polls suggest the country is divided on the issue, half looking for a way out, the other half unwilling to abandon Iraq.
In the midst of all this, our message, that Egypt is America’s best strategic partner for peace in the region, was well received by Republicans and Democrats alike. Whichever way the wind blows in November, the US will be looking to Egypt, the only country in dialogue with all concerned parties, to hold the center in a region fraught with conflicts.
AmCham’s DoorKnock delegation has always underlined Egypt’s commitment to reform and kept the US abreast of our progress. But this year, as world food prices rise and unrest grows, the US is beginning to understand the difficulty of balancing economic issues with stability. Striking that balance while achieving growth isn’t easy, which makes Egypt’s accomplishments all the more significant.
Nevertheless, our economic gains, while headline news for us, are not as well known in Washington as they should be, and there was even concern that if political pressures increased, Egypt would back down from reform.
Throughout some 90 meetings with members of the executive branch, Congress, think tanks and the media, we showed how reform momentum is growing and yielding encouraging results. Raising awareness of Egypt’s trajectory is a key feature of our DoorKnock missions, and we have to work harder to keep policy-makers up-to-date and to counter media coverage that too often dwells on the negative.
We also emphasized ways that the US can help us maintain our economic momentum through trade and investment. Talks of an FTA are obviously on hold until the next administration takes office, but a number of senators and house representatives expressed their willingness to urge the United States Trade Representative (USTR) to move forward and expand QIZs to Upper Egypt, a process that has been stalled lately.
Meanwhile, there’s a lot more sector-to-sector trade worth developing. This year, Corporate America members of AmCham Egypt, especially Coca-Cola, contributed to the DoorKnock’s success by arranging meetings with important players, and we thank them. We look forward to more of this cooperation, and to maximizing AmCham’s networking possibilities by leveraging members’ connections.
The US has some 20 million companies, but only 250,000 of them deal with the outside world, and half of those only deal with Mexico and Canada. Just 2,000 US firms are doing business with Egypt in one form or another, an indication that there is plenty of room for growth. US business needs to become more international. And as the best way to forge new Egyptian-US partnerships is by direct encounters, AmCham Egypt will continue its drive for sector-specific trade and investment missions.
In a number of meetings with leading legislators and members of the executive branch America’s commitment to supplying aid to Egypt was clear. The annual allotment of $1.3 billion to the military is locked in for the next decade. Human resource and manpower training head the agenda for the $200 million in economic assistance slated for 2009.
Overall, despite America’s preoccupation with elections and domestic issues, our messages were well received. Egypt’s growth and stability are our top priority, but with the US as our largest single investor, a productive Egypt, at peace with its neighbors, is in America’s best interests as well.
On behalf of AmCham Egypt, I’d like to thank Ambassador Nabil Fahmy for his unfailing assistance over the years. We’re grateful to the Washington staffers who so graciously helped out at their end. AmCham’s delegation this year was outstanding, with some new members in attendance bringing fresh energy and ideas to the proceedings. Last but not least, we thank AmCham staff for putting together the busiest, most challenging – and rewarding – week of our organization’s year.
OMAR A. MOHANNA
President, AmCham Egypt
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