Egyptians work to bolster economy

Egyptians work to bolster economy
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Published July 10th, 2013 - 05:46 GMT

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The U.S private sector understands that there are huge investment opportunities in the Egyptian market
The U.S private sector understands that there are huge investment opportunities in the Egyptian market
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Washington DC
,
Cairo
,
Mohammed Morsi
,
Anis Aclimandos
,
Mahmoud El-Askalani
,
Mohamed Morsi
,
U.S administration
,
Department of State
,
American Chamber of Commerce in Egypt

Muslim brotherhood members and ousted Egyptian resident Mohammed Morsi supporters shout religious and political slogans while holding his portrait as thousands rally in his support at Raba Al Adaawyia mosque on July 4, 2013 in Cairo, Egypt.

A delegation from the American Chamber of Commerce in Egypt (AmCham) headed to Washington DC on Tuesday to meet with officials and discuss the country’s recent political events.

Speaking in a press conference held on Sunday evening, head of AmCham Anis Aclimandos said that during its 10-day visit the delegation will attend meetings with members of congress, as well as with State Department officials in order to counter negative conceptions of Egypt.

“Flooding 30 million protesters to the streets was a move to correct the January 25th revolt’s path and to carry forward democracy process in Egypt,” he said.

Aclimandos asserted that AmCham’svisit is acivilian initiativewhich includes no government officials, stating that the goal was to build on a 33 year relationship of cooperation to give a “correct” image of Egypt to the decision makers in Washington DC.

AmCham’s head noted that the U.S administration realises the importance of Egypt and its role in the Middle East.

“The U.S private sector understands that there are huge investment opportunities in the Egyptian market, especially after the gains by the stock market following the military’s statement,” he said.

In the hours immediately following the announcement ousting former president Mohamed Morsi, news spread that the U.S administration may reviewits contributions of $1.5 bn in annual aid. Many economic experts have countered this news, deeming the US funds as “worthless,” since it represents0.4 % of the GDP.

Many Egyptians, however, showed their frustration and concerns over this; a number of prominent business leaders have started a grassroots support fund, encouraging fellow citizens to contribute to a bank account, numbered 306306, to be used at the discretion of the next leader to help the economy.

“Citizens against prices,” a campaign against corruption, launched an initiative to boycott American products imported to Egypt, in order to “send a message to U.S society,” said campaign coordinator Mahmoud El-Askalani.

As kalani is urging youth and political forces to support the campaign, believing that Egyptian companies are able to produce the same products.

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