US business delegation tours Egypt seeking investments

Global Business

One of the largest U.S. business delegations in years visited Egypt on Tuesday where 160 business leaders representing top American companies explored potential investment opportunities. CCTV America’s Yasser Hakim reports from Cairo.

The group held a series of meetings with top officials, including Egyptian President Abdel-Fattah el-Sisi and Prime Minister Ibrahim Mehleb. The aim was to assess the business environment and the potential for investments.

Egypt has been a close U.S. ally since the mid 1970s, but relations deteriorated after the Egyptian Revolution of 2011.

Egypt is also a member of the Qualified Industrial Zones initiative and receives $2 billion in annual military and economic aid from the U.S.

Egypt is the third largest recipient of U.S. investments in the region at $14 billion, but with an economic recession hitting Egypt, it is looking for more funding.

The visiting U.S. businesses showed a special interest in investing in the New Suez Canal and renewable energy, particularly solar energy projects.

US business delegation tours Egypt seeking investments

One of the largest U.S. business delegations in years visited Egypt on Tuesday where 160 business leaders representing top American companies explored potential investment opportunities. CCTV America's Yasser Hakim reports from Cairo.