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First Post
12 hours ago
- Business
- First Post
‘Xi of China is extremely hard to make a deal with,' says Trump amid stalled trade truce
At a time when the United States and China are trading accusations of violations of the trade truce, President Donald Trump has criticised Chinese leader Xi Jinping for being 'extremely hard to make a deal with'. read more Amid stalled trade talks, US President Donald Trump has said that Chinese leader Xi Jinping is 'extremely hard' to deal with. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!! (sic)' said Trump on social media on Wednesday. While Trump did not give any context for his post, the fact that it comes at a time when the United States and China have exchanged accusations of violating the trade truce suggests negotiations are not progressing well. STORY CONTINUES BELOW THIS AD On May 12, the United States and China reached a truce in their trade war. The two countries agreed to reduce tariffs by 115 per cent for 90 days so that talks could continue for a deal. This meant that US tariffs on Chinese products came down to 30 per cent from 145 per cent and Chinese tariffs on US products came down to 10 per cent from 125 per cent. However, last week, Trump accused China of 'totally violating' the truce. While Trump did not give any reasons, Wall Street Journal has reported that Trump has been frustrated by China not easing the ban on export of rare earth minerals fast enough. China lashed out at Trump and said it was the United States that had violated the truce. Trump & China exchange allegations of truce's violations In its rebuttal of Trump, China said that the United States had violated the truce with three actions. China said that restrictions on chips' sale to China, halting the sale of chip design software to China, and announcing revocations of Chinese student visas 'severely violated the common understandings reached in Geneva'. 'China firmly opposed this and made strong protests. Let me stress once again that this pressuring and coercion is not the right way to engage with China,' Chinese Foreign Ministry's Spokesperson Lin Jian further said. Lin further urged the Trump administration to 'respect the facts, stop peddling misinformation, correct relevant wrongdoings, and take concrete moves to uphold the common understandings reached by the two sides'. Shortage of rare earths rattles manufacturers On his part, Trump is reportedly frustrated at slow resumption of supplies of rare earths. Michael Hart, the President of the American Chamber of Commerce in China, told Bloomberg that while China has started approving the sale of rare earths, the pace is 'certainly slower than industry would like'. STORY CONTINUES BELOW THIS AD As China produces up 90 per cent of world's rare earths and magnets, export restrictions have rattled industries that rely heavily on these supplies, such as automakers, with Hildegard Muller, the President of the German Association of the Automotive Industry, saying that 'if the situation is not changed quickly, production delays and even production outages can no longer be ruled out'. Alarm is not sounding in the United States, but the situation is such that diplomats, automakers, and other executives from India, Japan, and Europe have been urgently seeking meetings with Chinese officials to seek faster approval of rare earths, sources told Reuters.
Daily News Egypt
27-05-2025
- Business
- Daily News Egypt
SCZONE positions itself as strategic global investment hub amid global challenges
Waleid Gamal El-Din, Chairperson of the General Authority for the Suez Canal Economic Zone (SCZONE), emphasized the zone's growing role as a global investment destination during a roundtable held as part of the Egypt–US Economic Forum in Cairo. The event aimed to enhance trade and investment cooperation between Egypt and the United States. Titled 'The Economic Zone as an Investment Destination,' the roundtable was moderated by Marwan El Sammak, board member of the American Chamber of Commerce, and included key contributions from Samir Mubarak, CEO of NAFAZ International, alongside US business leaders and SCZONE executives. In his remarks, Gamal El-Din outlined SCZONE's integrated development model, which links industrial zones to key ports on the Red Sea and Mediterranean. This strategic connectivity, combined with Egypt's extensive network of free trade agreements, positions the zone as a gateway for global trade and a fully integrated hub for industry and logistics. 'SCZONE offers a real solution for global investors seeking stability, opportunity, and access to international markets amid today's economic and geopolitical headwinds,' Gamal El-Din said. He highlighted the zone's competitive advantages, including a strategic location at the crossroads of major trade routes, abundant and accessible energy resources, and a cost-effective, skilled labor force supported by specialized training centers. The Chairperson also underscored SCZONE's commitment to deepening its engagement with American investors. He pointed to high-potential sectors such as pharmaceuticals and active pharmaceutical ingredients (APIs), advanced technology industries including data centers and electronics manufacturing, and a wide range of logistics and service-based opportunities that support global supply chains. During an interactive Q&A session, Gamal El-Din addressed investor inquiries regarding the structure and specialization of the zone's industrial areas. He explained that each zone is tailored to specific industries, guided by detailed technical, marketing, and feasibility studies. This approach has helped identify 21 priority sectors across industrial, logistical, and service domains. He further explained that SCZONE's ports and industrial zones are strategically aligned to support targeted export markets, offering investors customized solutions based on their sector and regional objectives. In response to questions on workforce development, Gamal El-Din noted the presence of multiple training centers and technical academies offering globally benchmarked curricula. He also mentioned ongoing efforts to establish additional facilities—particularly in labor-intensive areas like Qantara West—where demand for skilled workers is expected to grow significantly. 'By combining strategic infrastructure with tailored workforce development and sector-focused planning, SCZONE is building an environment where international businesses can thrive,' Gamal El-Din concluded.
See - Sada Elbalad
26-05-2025
- Business
- See - Sada Elbalad
FM Participates in U.S.-Egypt Economic Forum to Promote Strategic, Investment Ties
Nada Mustafa Badr Abdelatty, Egypt's Minister of Foreign Affairs and Immigration, participated, on Monday, in U.S.-Egypt Economic Policy Leaders Forum, hosted in Cairo under the patronage of President Abdel Fattah El-Sisi. The event was organized in coordination with the U.S. Chamber of Commerce in Washington and was attended by Suzanne Clark, President and CEO of the U.S. Chamber of Commerce, Eng. Omar Mehanna, Chairman of the American Chamber of Commerce in Cairo, along with over 80 CEOs and senior executives from major American companies. Ambassador Tamim Khallaf, the spokesperson for the Ministry of Foreign Affairs, stated that Abdelatty delivered a keynote speech in a special session titled "Strategic Relations Between Egypt and the United States." In his remarks, he praised the depth of the strategic partnership between the two countries, emphasizing that economic and trade relations are a cornerstone of this partnership and serve shared interests. Moreover, he affirmed that advancing economic and trade ties, attracting American investments to Egypt, and enhancing existing investments are top priorities for the Egyptian government. FM also expressed Egypt's aspiration to attract more U.S. direct investment, highlighting the wide range of opportunities available in the Egyptian market across multiple sectors. Furthermore, he underlined the readiness of the Egyptian government and its institutions to cooperate with American and international companies and ensure a smooth entry into the Egyptian market. In this context, he outlined the recent steps and reforms undertaken by Egypt to improve the investment climate and business environment, reiterating the government's commitment to implementing economic reforms and empowering the private sector as a primary driver of development. Abdelatty also voiced his hope that this forum would serve as a launching point for future events and platforms that deepen economic and investment cooperation between Egypt and the United States. In addition, FM addressed Egypt's stance on several regional challenges. He discussed Egypt's ongoing efforts to restore a ceasefire in Gaza and ensure the delivery of humanitarian aid, stressing the importance of reaching a permanent and just political solution to the Palestinian issue. He also outlined Egypt's positions on the crises in Sudan, Libya, and the Red Sea, affirming Egypt's tireless efforts to promote peace, security, and stability in the region. Abdelatty further emphasized the implications of de-escalation in the Red Sea on maritime navigation, global trade, and supply chains. He noted that the resumption of regular navigation in the Red Sea and through the Suez Canal serves the global economy, especially in light of recent geopolitical challenges that disrupted shipping and trade. These disruptions have imposed significant economic costs on Egypt, underscoring the urgent need to address the root causes of regional conflicts to ensure long-term stability in the Red Sea region. In conclusion, Abdelatty took part in an interactive dialogue session focused on bilateral relations between Egypt and the United States, exploring ways to elevate economic and investment cooperation to new heights. Badr Abdelatty Badr Abdelatty Badr Abdelatty Badr Abdelatty Badr Abdelatty Badr Abdelatty read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Over 1,800 US companies operate in Egypt with $47bn invested over two decades: Madbouly
Egyptian Prime Minister Mostafa Madbouly addressed on Sunday the opening session of the US–Egypt Policy Leaders Forum 2025, underlining the strength of bilateral economic relations and reaffirming Egypt's commitment to private sector-led growth. Madbouly began by expressing his pleasure in participating in this 'unique and important' forum, thanking the American Chamber of Commerce in Egypt and the United States for organizing the event. He extended a special welcome to Suzanne Clark, President and CEO of the US Chamber of Commerce, and John Christmann, CEO of Apache Corporation and Chairman of the US–Egypt Business Council, commending their leadership and efforts in bringing together top American business leaders. He also welcomed all representatives of the American business community, noting that many US companies continue to thrive in Egypt. 'Today, more than 1,800 American companies operate in Egypt, with total US investments exceeding $47bn over the past two decades,' Madbouly stated. He emphasized that these companies are active across vital sectors—including energy, industry, information technology, financial services, and healthcare—reflecting the depth and resilience of economic ties between the two countries. The Prime Minister underscored Egypt's consistent role as a reliable and engaged partner for the United States, particularly in the face of escalating regional challenges. He called for even stronger cooperation, noting that such partnerships are critical to addressing the complex political and security landscape of the Middle East. Madbouly emphasized that the forum illustrates Egypt's commitment to empowering the private sector as a central pillar of its economic transformation strategy. This vision seeks to foster a competitive, open, and innovation-driven economy capable of generating jobs and ensuring long-term sustainable growth. A key milestone in this strategy, he noted, is the implementation of the State Ownership Policy Document, which outlines sectors from which the state will reduce or exit its involvement. This policy sends a clear signal to investors regarding the government's shift toward enabling private enterprise. He highlighted the expansion of public-private partnerships (PPPs) in key areas such as transportation, renewable energy, education, and water infrastructure—sectors where the private sector now plays a leading role in executing strategic national projects. To support investment, Madbouly pointed to reforms like the launch of the 'Golden License' platform, which enables investors to establish and operate projects with a single Cabinet-issued approval. He added that Egypt has committed to financial and monetary reforms, the digitalization of government services, and the modernization of legal and regulatory frameworks—steps that have enhanced transparency, reduced bureaucracy, and improved the overall investment climate. Madbouly urged American business leaders to explore Egypt's abundant investment opportunities, noting that Egypt is not only a large domestic market of over 107 million people but also a strategic gateway to Africa, the Middle East, and beyond. Through a vast network of trade agreements, Egypt offers access to more than 1.5 billion consumers. At the heart of Egypt's economic transformation, the Prime Minister said, lies the development of its most valuable asset: its people. He highlighted the country's young, skilled, and innovative workforce as a driving force for growth and emphasized government investments in education, healthcare, and vocational training to prepare the population for future industries. He also pointed to digitalization and financial inclusion as key pillars of Egypt's modernization. Through the Digital Egypt Strategy, the country aims to become a regional leader in digital innovation by integrating advanced technologies—including artificial intelligence, blockchain, the Internet of Things (IoT), and big data—into its economic sectors. 'These reforms are just a glimpse of the unprecedented transformation taking place under the leadership of President Abdel Fattah Al-Sisi,' Madbouly said, 'one that is paving the way for a brighter, opportunity-rich future.' Before concluding his remarks, Madbouly made two significant announcements relevant to the American business community: Automotive Sector Reform He revealed that, following extensive discussions with US stakeholders, Egypt had taken steps to ease restrictions on importing fully US-origin vehicles. On May 11, 2025, Decree No. 112 was issued by the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, canceling the requirement to comply with mandatory Egyptian standards listed in Catalogue No. 44 for engineering goods and products. This regulatory reform opens the Egyptian market to American vehicles without barriers, and the World Trade Organization (WTO) has been officially notified. Halal Certification for Dairy Products Madbouly also announced a permanent exemption for dairy products and derivatives from the requirement to obtain a halal certificate upon import. The exemption, officially notified to the WTO on March 12, 2025, under the Agreement on Technical Barriers to Trade, is a major step in boosting US–Egypt trade. Egypt's Ministry of Agriculture is also working to expand and diversify the entities authorized to issue halal certificates and is reviewing the fees associated with conformity assessments for goods requiring certification. Finally, the Prime Minister revealed that Egypt and the United States are in the final stages of concluding a mutual cooperation agreement between their respective customs administrations—a development that promises to further streamline bilateral trade and enhance regulatory coordination.
Egypt Today
25-05-2025
- Business
- Egypt Today
Egypt, U.S. Mark $47B Investment over past 20 years: Prime Minister
CAIRO – 25 May 2025: During the opening session of the 2025 U.S.-Egypt Policy Leaders Forum, Prime Minister Mostafa Madbouly announced that more than 1,800 American companies are currently operating in Egypt, with cumulative U.S. investments surpassing $47 billion over the past 20 years. He praised the American Chamber of Commerce in both Egypt and the U.S. for organizing the forum, calling it a vital platform to strengthen strategic dialogue and mutual cooperation. In his address, Prime Minister Madbouly underscored the deep-rooted economic partnership between Egypt and the United States, built on mutual respect, shared prosperity goals, and decades of constructive engagement. He emphasized that the forum reflects Egypt's unwavering commitment to the private sector, which is central to the country's long-term development vision. He highlighted the government's implementation of the State Ownership Policy Document, which clearly defines sectors where the state plans to reduce or withdraw its role—sending a confident signal to both domestic and international investors. This marks a decisive step toward redefining the government's role in the economy and creating more space for private enterprise. Madbouly also pointed to the growing use of Public-Private Partnerships (PPPs) across essential sectors including transportation, renewable energy, education, and water infrastructure, enabling the private sector to help shape Egypt's strategic assets. To facilitate investment further, the "Golden License" initiative was introduced, offering a one-stop approval process by the Cabinet to streamline project setup and reduce red tape. Reflecting on Egypt's development achievements over the last decade, the Prime Minister cited multibillion-dollar infrastructure investments that have transformed the nation's economic landscape. These include massive upgrades to road and rail networks, the modernization of ports and airports, expanded energy capacities, and the development of new logistics and industrial zones. He also spotlighted flagship national projects such as the expansion of the Suez Canal, the creation of 24 new cities, and the launch of the New Administrative Capital, which together lay the groundwork for a forward-looking economy centered on balanced regional growth, economic diversification, and increased global investment.
