Morsi: 'New' Egypt is open for business

Mr Morsi vowed to carry out structural reforms to create a better environment for business.

His Muslim Brotherhood has always strongly backed the private sector and many of its top figures and financiers are businessmen.

The delegation was organised to introduce US companies to the new president.

It is part of a four-day mission to Egypt organised by the US Chamber of Commerce and the 49 companies on the trip are looking to secure their investments and expand profits.

Mr Morsi took the opportunity to send a message to US business that he views foreign investment as a key pillar of development.

US Deputy Secretary of State Thomas Nides enthused that Mr Morsi had laid out a broad vision for Egypt that was "wholesome" and "focused."

"He was impressive and understands the challenges his country faces and understands the importance of Egypt on the world stage," Mr Nides claimed.

One businessman said the president's words were "comforting."

"The message he sent was that Egypt is open for business."

The trade delegation included US corporations such as Apache, Boeing, CocaCola, ExxonMobil, Google, Oracle, PepsiCo and Microsoft.

Oil and gas giant Apache is already the single largest corporate investor in Egypt, employing nearly 4,000 Egyptians.

US officials say they are negotiating a debt relief package.

Washington has pledged relief for up to $1 billion (£625 million) of the $3.2bn (£2bn) it is owed by Egypt.

The Egyptian government is also after a $4.8bn (£3bn) loan from the International Monetary Fund.

But to get it the government may have to chop up fuel subsidies that provide millions of poor Egyptians with cheap gas and butane.

Ministers have said that, with or without the IMF loan, they will have to hack back public spending.

But critics warn that cutting jobs and subsidies will widen the gap between rich and poor and create fresh instability.