CEO Letter
Dear AmCham Members,
I
t has been a pleasure to accept the role of CEO of AmCham Egypt Inc., representing the interests of the business community as exemplified by the AmCham Egypt membership and promoting the strategic bilateral relationship between Egypt and the United States. Although the activities of AmCham Egypt Inc. are a continuation of what AmCham Egypt has been doing for many years, it highlights the increased need for a permanent presence and continuous follow-up on all issues that affect the Egypt-U.S. business relationship. In spite of the fact that AmCham Egypt Inc. has been in operation for a couple of months, it has become evident that this on-the-ground dialogue with U.S. stakeholders is very important. Indeed, a healthy U.S.-Egypt relationship is the cornerstone for the stability of the entire region. The coordination between AmCham Egypt Inc. and the
U.S. Chamber of Commerce in Washington, D.C., has proven to be essential for channeling the private sector’s perspective to decision makers on both sides of the Atlantic as well as in bringing opportunities to the attention of business leaders in both countries. Communication is also taking place regularly with the active Egyptian embassy and commercial service offices in Washington, D.C. The continuous face-to-face meetings with stakeholders, including the U.S. government, Congress and think tanks is proving to be invaluable to our accumulated experiences. Finally, I would like to express the fact that it is gratifying to operate in the United States given the solid backing, leverage and reputation that AmCham Egypt and its 1,980 members have long enjoyed, in addition to the wonderful support and resources of AmCham Egypt that are at the disposal of AmCham Egypt Inc.
About AmCham Inc.
A
mCham Egypt Inc. is the permanent representative in the United States of the American Chamber of Commerce in Egypt. It is governed by AmCham Egypt's board of governors and supported by the 1,980 companies and executives who make up AmCham Egypt’s membership.
AmCham Egypt Inc.’s Objectives • Promoting the development of commerce and investment between the United States and Egypt • Acting as a direct liaison with the U.S. Chamber of Commerce and other chambers of commerce and business organizations • Expressing the views of the business community in Egypt to public and private interests in the United States • Working with individuals and organizations in Egypt and the United States to further bilateral economic ties
1 • AmCham Egypt Inc.
AmCham Egypt Inc.’s Activities • Outreach and engagement with stakeholders in the United States • Coordinating the AmCham Egypt Annual Doorknock Missions and follow-ups • Working with the U.S. Chamber of Commerce to coordinate Business Missions to Egypt • Advocating for policy matters vital to the promotion of the bilateral relationship • Representing AmCham Egypt on panels hosted by key Washington-based think tanks that address the commercial aspect of the bilateral relationship • Building the awareness of AmCham Egypt members on key policy issues affecting the bilateral relationship
AmCham Egypt Inc. Report
Board of Governors
President
Anis A. Aclimandos Transcentury Associates
Executive Vice President
Executive Vice President
Curt Ferguson Coca-Cola Egypt – Atlantic Industries
Ahmed Abou Ali Hassouna and Abou Ali Law Offices
Vice President, Programs
Vice President, Legal Affairs
Tarek Tawfik International Company for Agricultural Production & Processing
Member of the Board
Aladdin El-Afifi ASEC Company for Mining (ASCOM)
Member of the Board
Omar A. Mohanna Suez Cement Group of Companies
Vice President, Membership Amr Allam Misr Sons Development – Hassan Allam Sons
Treasurer
Said Hanafi Orascom Hotels & Development
Sherif El Kilany Allied Accounting & Auditing – Ernst & Young
Member of the Board
Member of the Board
Hashem El Dandarawy Team 4 Security
Member of the Board Thomas Maher Apache Egypt Companies
Nevine Loutfy Abu Dhabi Islamic Bank - Egypt
Past President
M. Gamal Moharam MGM Financial & Banking Consultants
Board of Governors • 2
Activities
FEBRUARY 15, 2016
AmCham Egypt Inc. hosts a roundtable lunch with Egypt’s Minister of Immigration and Expatriate Affairs Nabila Makram On February 15, AmCham Egypt Inc. hosted its first event in Washington, D.C.: a roundtable lunch with Egypt’s Minister of Immigration and Expatriate Affairs Nabila Makram. Attending the event were Ayman Dessouky, consul general of Egypt’s Embassy in Washington, D.C.; senior officials from Egypt’s Ministry of Investment and Ministry of Housing, in addition to a number of senior officials from the World Bank and private-sector representatives residing in the D.C. area. During the luncheon, Makram discussed the role of the ministry in engaging with Egyptians living in the United States, as well as the support extended to Egyptians working abroad. She also discussed the proposed a new immigration law that will tie up all the loose ends related to the work of the ministry. Discussions touched upon several issues including some obstacles facing the Egyptians living in the U.S. and difficulties in issuing legal documents related to military service, especially for second and third generation Egyptians. Attendees praised the effective role that Egypt’s Embassy in Washington, D.C., plays in communicating with Egyptians and agreed on the need for a wider communication effort and awareness building about issues of bilateral strategic importance. A number of recommendations came out of the discussion including the need to develop a comprehensive database fa-
Guests at the roundtable with Nabila Makram
cilitating communication with all Egyptian expatriates. It was also mentioned during the meeting that the New York branch of the National Bank of Egypt holds an account for the Tahya Masr initiative, where Americans may make tax deductible donations. Hundreds of Egyptians in the United States enjoy successful careers, including 58 currently working at the World Bank and 51 at the International Monetary Fund, as well as the many well-established professionals in different fields willing to lend their support to Egypt through serving on advisory boards or through other means. Uniting efforts and creating the right channels of communication between different stakeholders who can work toward supporting Egypt is essential.
Guests at the parliamentarians’ roundtable
MARCH 18, 2016
AmCham Inc. hosts Egyptian parliamentarians Dalia Youssef and Marianne Azer for a special roundtable AmCham Inc. hosted a special roundtable on March 18 in Washington, D.C., featuring women parliamentarians Dalia Youssef and Marianne Azer. Discussions focused on the composition of the new parliament, its role in supporting Egypt’s
4 • Activities
economic reform program, as well as key legislations that are likely to be presented during the coming period. The roundtable was attended by a number of prominent members of the expatriate community in Washington D.C.
AmCham Egypt Inc. Report
APRIL 13, 2016
The U.S.-Egypt Business Council and AmCham Egypt Inc. host Dr. Ahmed Darwish, chairman of the Suez Canal Economic Zone Dr. Ahmed Darwish, chairman of the Suez Canal Economic Zone (SCZone), briefed attendees on the massive development project to create a state-of-the-art special economic zone in the heart of the Gulf of Suez. The SCZone will become a competitive business location that provides Egyptian and foreign investors with top-class infrastructure, market access and streamlined administrative procedures. Darwish explained that the SCZONE is completely independent of the government decision-making process to ensure expedited decision making. The zone will have its own industrial registry, which will be shared with the rest of the government. The only exemptions to this blanket authority will pertain to matters concerning national security, defense, foreign affairs and justice. The zone will focus on industries in which Egypt has a competitive edge. The master plan includes projects related to logistics, ports, maritime-related services, manufacturing zones,
From left to right: Abdel Kader Darwish, Steve Lutes, Ahmed Darwish, Hisham Fahmy, Carin Rising
ICT parks and energy investments as well as a new city close to Port Said governorate. “These projects will start in two to three years’ time, after the digging of the tunnels and extensions to the canal end,” said Darwish. Before concluding his speech, Darwish outlined all four regional strategies and investment opportunities in Ain Sokhna, East Port Said, West Qantara and Technology valley.
APRIL 17-22, 2016
AmCham Egypt Doorknock Mission AmCham Egypt Inc., in partnership with AmCham Egypt, coordinated the activities of the Annual Doorknock Mission to Washington, D.C., which took place during the week of April 17-22. Conveying key economic advancements and the overall business climate in Egypt to different stakeholders was the primary goal of this year’s mission. This year’s 36-member delegation aspired to make the case that Egypt is continuing its economic reforms despite many challenges that still exist and clear up some misconceptions regarding Egypt’s transition. They called for ways to further strengthen the bilateral relationship during the remainder of 2016 and “re-boot” the relationship as the new administration comes into office next year. Over the course of five days, delegates took part in 93 meetings with members of the U.S. Congress, Administration officials, think tanks, media and leaders from the U.S. business community. Among them were 57 meetings with members of Congress (House and Senate), nine meetings with the Executive branch, including meetings with senior officials at the Department of State, Department of Commerce, Department of the Treasury, Department of Agriculture, National Security Council, Office of the United States Trade Representative, Agency for International Development, the Egyptian American
From left to right: Ziad Hader, Amb. Anne Patterson and Amb. David Thorne meet with Doorknock delegates at the U.S. State Department.
Enterprise fund and the Export-Import Bank of the U.S. The delegation also met with senior representatives at many of Washington D.C.’s prominent think tanks and multinational financial institutions including the World Bank, the International Monetary Fund, International Finance Corporation, Woodrow Wilson Center, Albright-Stone Bridge Group, Carnegie Endowment for International Peace, Washington Institute for Near East Policy, Atlantic Council, Center for American Progress, Council on Foreign Relations, National Foreign Trade Council, Freedom House and the Center for New American Security.
Activities • 5
Activities
APRIL 18, 2016
The U.S.-Egypt Business Council and AmCham Egypt Inc. host Egypt’s Minister of Finance Amr El Garhy, in honor of the AmCham Doorknock Delegation to Washington, D.C. On April 18, the U.S. Chamber of Commerce hosted a special breakfast event featuring Egypt's Minister of Finance Amr El Garhy, who shared the outcomes of his meetings with the International Monetary Fund, including the proposed assistance with the implementation of the Value Added Tax. During his speech, El Garhy outlined some of the reasons behind the recent currency devaluation, which include the need to redirect foreign currency toward the banking system as well as limit what he referred to as “unproductive” importation in order to protect local industries, pointing to the spinning and weaving industry as an example. El Garhy went on to describe some of the financial reform measures adopted by the government to reduce budget deficit and limit expenditures. The minister explained some of the sources of government revenue and compared this year with previous years, sharing that in the current fiscal year (FY) 2015/16, budget revenues from taxes are expected to amount to EGP 422.4 billion (14.9 percent
Amr El Garhy, Egypt’s Minister of Finance, speaking at the U.S. Chamber of Commerce
of GDP), compared to EGP 364.2 billion in FY 2014/15, a growth rate of approximately 13 percent. On the other hand, revenues from sales taxes in the budget are also expected to increase from EGP 118.4 billion in FY 2014/15 to EGP 159.8 billion (5.6 percent of GDP) this year. Meanwhile, revenues from general taxes are expected to increase from EGP 207.4 billion last fiscal year to EGP 213.5 billion (7.5 percent of GDP) in the current fiscal year.
MAY 6, 2016
AmCham Egypt Inc. and the U.S.-Egypt Business Council host Egypt’s Minister of Supply and Internal Trade Khaled Hanafy On May 6, AmCham Egypt Inc. jointly with the U.S.-Egypt Business Council hosted Egypt’s Minister of Supply and Internal Trade Khaled Hanafy, in the attendance of Egypt’s Minister of Planning Ashraf El Araby. The event was attended by Yasser Reda, Egypt’s Ambassador to the United States; Dan Glickman, former secretary of agriculture; General Jim Jones, former National Security Advisor; and Norm Coleman, former senator from Minnesota, in addition to senior representatives from more than 40 U.S. companies. Hanafy highlighted some of the ongoing challenges Egypt is currently facing then went on to share some of the opportunities that are available given Egypt’s growing population and huge market potential. He iterated the importance of the Suez Canal development zone as an attractive logistical and industrial center. Hanafy shed light on a number of projects being carried out by U.S. companies including Visa and Microsoft, and specifically Blumberg Grain's command and control center, which is the central nervous system of a fast-expanding network of grain storage facilities that will save Egypt nearly $2 billion in five years. Hanafy also commended Coca-Cola
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From left to right: Hisham Fahmy, Khaled Hanafy, Thomas Donohue, Ashraf El Araby and Amb. Yasser Reda
and PepsiCo on their commitments to Egypt. The supply minister then spoke about the new bread subsidy system and how it alleviated the pressure on the government budget, allowing other commodities to reach its targeted recipients while saving money for other social support programs. Hanafy also highlighted the importance of the new logistics center at Damietta port as a hub for local and international commodity exchange. The event was followed by a special meeting for both Hanafy and El Araby with Tom Donohue, president and CEO of the U.S. Chamber of Commerce.
AmCham Egypt Inc. Report
Egypt4Business Initiative The Egypt4Business Initiative is a strategic communications initiative aimed at strengthening the “Egyptian Brand” in the U.S. as well as around the world, highlighting the potential of this huge market within different sectors. AmCham members are the cornerstone behind the success of this campaign; by telling their stories to the media, they are the best ambassadors for Egypt on the ground. On the margins of the AmCham Doorknock mission in April, several media interviews were conducted with prominent outlets including The Wall Street Journal, FDI Magazine, Bloomberg, Huffington Post and Barrons.
Speaking Engagements Hisham A. Fahmy, CEO of AmCham Egypt Inc., is playing a key role in promoting the U.S.-Egypt business relationship. For over 20 years, Fahmy has been advocating for a friendly business environment for U.S. companies operating in Egypt and Egyptian companies working with the United States. On March 31, 2016, Fahmy participated on a panel by King Street Strategies, consultancy firm that works to help companies and individuals conduct international business transactions and solve global challenges. He gave a general overview on Egypt’s business environment and the state of Egypt-U.S. commercial relations.
Recently, Fahmy participated on panels organized by • The Middle East Institute (MEI) • North Eastern University • The Aspen Institute • Partners for a New Beginning (PNB) • The Bilateral U.S.- Arab Chamber of Commerce
Activities • 7
Contact AmCham Egypt Inc. The American Chamber Of Commerce in Egypt Inc. 8000 Towers Cresent Drive, Suite 1350, Vienna, VA 22182 Tel: +1 (703) 760-7888 Website: www.amcham-egypt.org / www.amchamegyptinc.org