December 2011 News Dispatch

The U.S.-Egypt Business Council (USEBC) and the Egypt-U.S. Business Council (EUSBC) began their three-day program for the fall joint council meetings with a reception and dinner in the Hall of Flags at the U.S.

Chamber in Washington, D.C., on October 24. The Honorable Dr. Rebecca M. Blank, acting deputy secretary & undersecretary for Economic Affairs at the U.S. Department of Commerce, delivered the keynote address. Blank said that she hopes Egypt will continue on its economic reform path and applauded the country for its revolution, noting that the U.S. government will remain a strong partner to the Egyptian people.

G. Steven Farris, USEBC chairman and CEO of Apache Corporation, said that the joint council meetings were a continuation of the Business Promotion Trip to Egypt in June 2011, which demonstrated the

(Continued on page 2)

4,562 new companies were

established in Egypt between

the period of January 2011

and September generating a

total issued capital of

US $1.5 billion and

created 81,000 jobs.

Presentation by the General Authority for Investments (GAFI) in Egypt at the

U.S. Chamber of Commerce on October 24, 2011

Joint Council Meeting . . . . . . . . . . . . . 2

Events Update . . . . . . . . . . . . . . . . . . . . . 3

Fall Board Meeting Photos . . . . . . . . 3

INSIDE

The Honorable Dr. Rebecca M. Blank, acting deputy secretary & undersecretary for Economic Affairs at the U.S. Department of Commerce, welcomes the delegates to a dinner honoring the Joint U.S.-Egypt Business Council at the U.S. Chamber of Commerce on October 24, 2011.

U.S.-Egypt Business CouncilHosted Dinner in Honor of

Joint Council Meetings

22

G. Steven Farris, USEBC chairman and CEO of Apache Corporation, and Mohamed Younes, EUSBC chairman and chairman of Concord

International Investments, chaired the joint council meetings October 24–26 in Washington, D.C. The discussion focused on the following 2012 program activities: a 2012 spring business promotion trip to Egypt coinciding with a proposed investment conference, multiple business missions with Egyptian companies to cities across the United States, and financial support of an entrepreneurship program in Egypt. The board reiterated its support for co-organizing the USEBC-AmCham Egypt Suppliers Conference in Egypt.

The USEBC funded two studies that were discussed at the meeting. The council asked Meredith Broadbent, advisor & William M. Scholl Chair for International Business at the Center for Strategic & International Studies, to examine the trade and investment relationship between the United States and Egypt. The study recommends that the United States should relaunch negotiations for a free trade agreement with Egypt.

The council asked the Peterson Institute for International Economics to conduct a study on Egypt’s debt posture. The study suggests that the United States should use its

chairmanship of the Deauville Partnership in 2012 to urge creditor countries to forgive Egypt’s debt. The council also made available its submission to the 2011 USTR Federal Register notice on trade with the MENA region and two policy white papers on intellectual property and trade barriers. It also gave an overview of the council’s subcommittee activities. n

USEBC-EUSBC DiscussedJoint Council Activities for 2012

U.S. commitment to Egypt and showed that Egypt now, more than ever, welcomes American businesses. He also said that Apache decided to invest an additional US $1 billion in Egypt this year to show its belief in the positive future of the country.

His Excellency Sameh Shoukry, ambassador of the Arab Republic of Egypt to the United States, said that the Embassy of Egypt is pleased

to support continued efforts by the joint councils to enhance trade and investment between the two countries.

Mohamed Younes, EUSBC chairman and chairman of Concord International Investments, conveyed his delight in bringing a delegation from Egypt for the joint council meetings. He said that the two business communities can continue to work closely to ensure that investment in Egypt and bilateral trade continues at this important time in Egypt.

His Excellency Osama Saleh, chairman of General Authority for Investments (GAFI) in Egypt, remarked that Egypt continues to be open for business. He added that the new government is aggressively streamlining procedures to facilitate foreign investment in Egypt and that GAFI would personally facilitate the work of any foreign investor in the country. He said Egypt’s doors are always open. Mohamed Youssef, managing director of GAFI, then gave a presentation on the state of investments in Egypt. n

U.S.-Egypt Business Council Hosted Dinner in Honor of Joint Council Meetings(Continued from page 1)

G. Steven Farris (left), USEBC chairman and CEO of Apache Corporation, and Mohamed Younes, EUSBC chairman and chairman of Concord International Investments, lead the discussion on the 2012 program and policy priorities at the joint council meeting on October 25, 2011.

A Special Thanks to Our October Event Sponsors

3

USEBC EventsEgypt Suppliers Conference

February 2012 in CairoThe USEBC and AmCham Egypt will host a Suppliers Conference in Egypt. The conference

will be a platform for U.S. and Egyptian companies to enhance their supply chain

management. U.S. firms will be able to increase their network of Egyptian suppliers, and

Egyptian companies will learn how to become a preferred vendor.

USEBC Board Meeting October 26, 2011

The USEBC held a board meeting led by G. Steven Farris, USEBC chairman and

CEO of Apache Corporation. Curt Ferguson, USEBC vice chair and president for the Middle

East & North Africa Business Unit at The Coca-Cola Company and Rochdi Younsi,

USEBC vice chair and director for the Middle East & North Africa at ExxonMobil,

were also present in addition to many USEBC member companies.

A Special Thanks to Our October Event Sponsors

His Excellency Osama Saleh (left), chairman of General Authority for Investments (GAFI) in Egypt and EUSBC member, discusses the investment potential in Egypt. Michael Goltzman, director for Public Affairs & Communications at The Coca-Cola Company and USEBC member, listens.

Hani Cassis, CEO of Mintra and EUSBC member, discusses support for a business mission to the United States as Heather Pederson, senior director for International Operations & Policy at The Boeing Company and USEBC member, looks on.

Diana Keegan, director for International Government Relations at MetLife and USEBC member, participates in the policy discussions.

Photos of theJoint Business Councils

U.S.-EGYPTBUSINESS COUNCIL

Apache Corporation

AECOM

Bank of New York Mellon

The Barnett Group

The Boeing Company

Booz Allen Hamilton

British American Tobacco

Cargill

Chartis

The Chrysler Group

Citi

The Coca-Cola Company

Dow Chemical

DuPont

ExxonMobil Corporation

FedEx

General Electric

General Motors

Google

Hill International

Hogan Lovells & Albright Stonebridge

IBM

Johnson & Johnson

Merck

MetLife

Microsoft Corporation

Monsanto Company

PepsiCo

Pfizer Inc.

Philip Morris International

Raytheon

RTI International

SiliconExpert Technologies

Visa International

Xerox

MEMBER COMPANIES

ABOUT USThe U.S.-Egypt Business Council (USEBC) is the leading advocacy organization representing

America’s top companies doing business with Egypt. The council is made up of senior executives of U.S. companies from every business sector that are major investors in Egypt. The goal of the USEBC is to promote the bilateral commercial relationship between the United States and Egypt and promote

high-level economic and political relationships in both countries.

U.S. Chamber of Commerce1615 H Street, NW | Washington, DC 20062

Tel 202-463-5596 | Fax 202-463-3114www.usegyptcouncil.org

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.