Engineer Ahmed Samir, Minister of Trade and Industry, held a session of talks with Gareth Bailey, British Ambassador to Cairo, to discuss ways to enhance economic cooperation between Egypt and Britain during the next stage. At the British Embassy in Cairo and Anisa Dathi, Director of the Office of the Ministry of International Trade at the British Embassy in Egypt.
The minister said that Egypt is keen to strengthen the strategic partnership relations between Egypt and Britain for the benefit of the level of economic, trade and investment cooperation between the two countries, and to maintain the distinguished bilateral relations with Britain, pointing out that the two countries have strong relations based on a long history of joint cooperation in various fields, as well as On the interest of the two governments in Egypt and Britain in pushing the frameworks of economic cooperation to achieve a qualitative leap in the rates of inter-trade and increase the investment projects of British companies in Egypt.
Samir explained that the governments of the two countries signed the Egyptian-British partnership agreement at the end of 2020, which entered into force in early 2021 to form the general framework for relations between the two countries in various fields and reflect interest in strengthening aspects of cooperation between them and upgrading them to broader horizons that maximize their common interests, pointing out that the talks dealt with The importance of attracting more British investments to the Egyptian market, especially in light of the encouraging investment incentives recently approved by the Egyptian state.
The minister pointed out that the meeting reviewed ways to benefit from the financing mechanisms provided by British financial institutions such as the British International Investment Corporation and the British Export Finance Agency with the aim of promoting trade exchange between the two countries and encouraging investors from both sides to establish investment partnerships, especially in the sectors of new and renewable energy, green economy and infrastructure. Infrastructure and health care, as well as projects related to mining industries and increasing the added value of the Egyptian mining wealth, especially in light of the projects recently opened by President Abdel Fattah El-Sisi related to black sand.
In this context, the Minister of Trade and Industry affirmed the ministry’s readiness to provide all facilities to British companies, whether currently investing in the Egyptian market or wishing to start new projects, and the ministry’s coordination with various state agencies concerned to remove any challenges that British companies operating in the Egyptian market may face.
Samir pointed out that trade relations between Egypt and Britain are witnessing continuous growth, as the volume of trade between the two countries during 2021 amounted to about $2.917 billion, compared to $2.163 million, with an increase of 35%, pointing out in this context that a meeting is scheduled to be held. The Agriculture Working Group emanating from the Egyptian-British Trade and Investment Subcommittee during the month of December, where the meeting aims to discuss ways to enhance the existing cooperation between the two countries in the field of agriculture and increase the rates of Egyptian exports of agricultural crops to the British market.
For his part, Gareth Bailey, British Ambassador to Cairo, expressed his country’s aspiration to strengthen the economic and investment partnership with Egypt and to benefit from the depth of the strong relations that bind the two countries in a way that achieves the interests of the Egyptian and British business community alike, especially in light of the great efforts that the Egyptian government is currently making to enhance the environment and climate. Investing in the Egyptian market.
Bailey pointed out that many British companies have the desire to pump new investments into the Egyptian market, especially since Egypt represents one of the most promising and attractive markets for investment, which is confirmed by international statistics that Egypt ranks first in attracting foreign direct investment in Africa.
The British ambassador in Cairo pointed out that there are a number of sectors targeted by the British investor, especially green hydrogen projects, health care, research and educational centers, as well as mining projects.