Egyptian Ambassador Sameh Shoukry Addresses NVTC Board

Egyptian Ambassador Sameh Shoukry spoke at a meeting of the NVTC Board of Directors this morning. During the meeting, Ambassador Shoukry openly shared his thoughts about the current economic and political climate in Egypt since the revolution earlier this year.

Egyptian Ambassador Sameh Shoukry addresses the NVTC Board.
Egyptian Ambassador Sameh Shoukry addresses the NVTC Board.

The Ambassador acknowledged that, while the recent turmoil had negatively impacted Egypt's economy, the current transitional government is continuing to move forward with privatization and economic reform policies to encourage growth and investment, with a focus on transparency and accountability. Ambassador Shoukry also discussed the IT sector in Egypt, stating that Egyptians have achieved much progress in this sector. He encouraged continued U.S. government support and urged the U.S. technology sector to invest in Egypt to "take advantage of the current climate," noting that "greater risks are related to greater returns." The Ambassador also cited stability in the Egyptian stock market and banks, which have recently reopened, and $1 billion in risk guarantee insurance earmarked by the U.S. Overseas Private Investment Corporation (OPIC) for U.S. investors, contractors, exporters and financial institutions doing business in Egypt as reasons to consider investing in the country.

After his presentation, the Ambassador engaged in a discussion with NVTC Board members about the dynamics of regional politics and his views on prospects for stability in the region.

Click here for more information on the IT sector and investment opportunities in Egypt.