(MENAFN- Daily News Egypt) Head of the Egyptian Commercial Service (ECS) Abdel Aziz El-Sherif met with US Foreign Commercial Service Officer Paul Oliva and Jennifer Patterson, who oversees trade and investment at the Economic Office of the US Embassy in Cairo, as part of ongoing efforts to advance economic, trade, and investment cooperation between the two countries.

El-Sherif said the meeting comes at a time when Egyptian-American relations are experiencing strong momentum and notable progress across various economic and investment fields. He noted that both sides are eager to capitalize on this positive trend to expand bilateral trade and increase US investments in Egypt.

He stated that trade between Egypt and the United States reached around $8.6bn in 2024, including $2.5bn in Egyptian exports. Trade exchange during the first half of the current year recorded $5.6bn, up from $4.9bn during the same period in 2024, an increase of about 14%. El-Sherif emphasized that significant opportunities exist to further expand Egyptian exports to the US market given the strong capabilities of Egyptian producers across multiple sectors.

US investments in Egypt stand at approximately $9.44bn, with direct American contributions amounting to $2.47bn as of February 2025. These investments span 2,016 companies operating in finance, industry, services, construction, ICT, tourism, and agriculture.

El-Sherif added that the ECS is developing a comprehensive plan to increase, and ultimately double, trade and investment flows between Egypt and the United States. The plan focuses on maximizing the benefits of existing trade agreements, promoting priority investment opportunities in advanced technology, renewable energy, supply chains, and export-oriented industries, as well as strengthening ties between the two countries' business communities and attracting more American companies to Egypt. He noted that Egypt's strategic location and competitive advantages make it a key gateway to regional markets.

For his part, Paul Oliva affirmed that Egypt is an important trading partner for the United States, ranking as the fifth-largest US trading partner in the region. He highlighted growing interest among American companies in exploring opportunities in the Egyptian market, particularly in light of ongoing economic reforms and emerging investment prospects.

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