We are confident in the Egyptian economy’s ability to overcome the Ukrainian crisis: FM

Sami Hegazi
3 Min Read

Minister of Foreign Affairs Sameh Shoukry met on Wednesday with representatives of the UK’s financial institutions and business community as part of his current visit to London, during which he inaugurated the first partnership council between the two countries.

Ahmed Hafez — Spokesperson for the Ministry of Foreign Affairs — said that Shoukry reviewed the economic reform process that the Egyptian state has embarked upon since 2014 through reforms aiming to achieve comprehensive, sustainable, and environmentally friendly development.

This is based on Egypt’s 2030 Vision, the UN’s 2030 Sustainable Development Goal, and the African Union’s 2063 Agenda.

Shoukry also pointed to the challenges facing the economic reform process, which are linked to successive developments on the international arena.

“The Egyptian government has taken several measures to mitigate the impact of these repercussions on citizens,” he said.

He also reviewed the steps taken by the Egyptian government with the aim of restructuring the Egyptian economy, foremost of which is to attract more foreign investments and provide many opportunities for private sector companies to enter various economic sectors.

Furthermore, the FM expressed his desire to strengthen British investments in Egypt in general and in the green economy in particular.

Shoukry also confirmed his confidence in the ability of the Egyptian economy to overcome the negative repercussions of the war in Ukraine, taking into consideration the solid components and foundations of the Egyptian economy that enabled it to deal with the effects of the coronavirus pandemic.

He noted that despite all odds, the Egyptian economy managed to achieve growth despite the repercussions of the pandemic.

Additionally, the meeting dealt with Egypt’s hosting and upcoming presidency of the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Sharm El-Sheik this November.

The FM expressed his hope that the UK’s financial institutions and business community would support the efforts of the Egyptian presidency of the COP27, especially with regard to the financing of environmentally friendly projects, the promotion of investments in the fight against climate change, and the transition to a green economy.

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