Minister of Industry Khaled Hashem discussed with U.S. Assistant Secretary of Commerce for Industry and Analysis Stephen Haynes ways to strengthen and develop industrial relations between Egypt and the United States and enhance cooperation in investment and technology transfer.
Hashem said that Egyptian-US relations are built on a long history of fruitful cooperation across various fields. He stressed the Egyptian government's commitment to deepening industrial cooperation with the United States in the coming period, attracting more U.S.
investments to the Egyptian market, and addressing any challenges that American investors may face. Hashem explained that the Ministry of Industry's strategy aims to double Egypt's industrial exports to $100 billion by 2030 by focusing on seven priority industrial sectors, in addition to other industries.
The strategy also promotes the circular economy and the expansion of recycling to support Egypt's integration into global supply chains. The Minister stressed the importance of increasing the presence of American companies in the priority sectors identified under the industrial strategy, translating the strong bilateral relationship into concrete projects and investments that serve the economic interests of both countries.
Hashem added that Egypt offers attractive advantages for industrial investment, including advanced infrastructure, investment incentives, a strategic geographic location, and free trade agreements with numerous global markets. He called on the U.S. side to intensify efforts to encourage American companies to invest in Egypt and benefit from these advantages.
The Minister also said that the ministry is currently focusing on providing technical support to factories and strengthening partnerships with international development partners to facilitate the transfer of technology, expertise, and industrial knowledge. He added that the ministry is also working to facilitate the establishment of industrial projects, particularly small and medium-sized enterprises and feeder industries, as they represent a cornerstone of efforts to deepen local manufacturing and strengthen integration into global supply chains.
For his part, Haynes affirmed his country's commitment to strengthening economic and industrial cooperation with Egypt. He noted that American companies operating in the Egyptian market have become successful investment models, particularly in the automotive, crops, and food industries.
Haynes said that U.S. companies possess advanced expertise in AI applications and industrial technology solutions that could contribute to the development of Egypt's industrial sector. He proposed launching cooperation by focusing on three to five priority industrial sectors.