Egypt’s President al-Sisi heads to White House looking to build strong bonds

World Today

Egypt’s President al-Sisi heads to White House looking to build strong bonds

Egyptian President Abdel Fattah al-Sisi visits the White House for bilateral talks with U.S. President Donald Trump. The meetings are expected to revolve around the delicate political issues in the Middle East and bolstering ties with the new American administration.

CGTN’s Yasser Hakim explains Cairo’s plan to boost the American presence in the Egyptian market.

Egypt’s President al-Sisi heads to White House looking to build strong bonds

Egyptian President Abdel Fattah al-Sisi visits the White House for bilateral talks with U.S. President Donald Trump. The meetings are expected to revolve around the delicate political issues in the Middle East and bolstering ties with the new American administration.

The Egyptian president’s visit to Washington, D.C. is being closely monitored by the business community. Egypt is the largest recipient of U.S. investments in Africa at over $23 Billion. But the annual inflow has dropped by 85 per cent in the last two years.

“With the American companies, it’s very important to send them messages that the government is very keen for more of their investments and we confirm that there are new legislation and regulations to be ratified in Parliament? We also have our institutions that are ready to provide any services to the investors and solve all their problems or obstacles promptly,” Sahar Nasr, Egypt’s Minister of Investment said.

Egypt has introduced several new incentives – like 50 per cent tax reduction, free land and no tariffs on importing means of production, for factories that export goods from Egypt. Exporters here can benefit from Egypt’s free trade deals in the region that have created a $1.2 Billion consumer market. The North African country is also hoping to have more access to the U.S. market.