The UK’s Ambassador in Cairo Gareth Bayley expressed on Monday his country’s aspiration to strengthen economic and investment partnership with Egypt and benefit from the depth of strong relations that bind the two countries in a way that achieves the interests of their business communities.
He stressed that this step forward is a result of the great efforts that the Egyptian government is currently making to promote the investment environment in the Egyptian market.
In his meeting with Egyptian Minister of Trade and Industry Ahmed Samir, Bayley pointed out that many British companies have the desire to direct 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, as Egypt ranked first in attracting foreign direct investments in Africa.
The British ambassador noted that there are also some targeted sectors by British investors, especially green hydrogen projects, health care, research and educational centres, as well as mining projects.
For his part, Samir stated that Egypt is keen to strengthen its strategic partnership with the UK in economic, trade, and investment cooperation.
He explained that the governments of the two countries signed the Egyptian-British Partnership Agreement by the end of 2020, which entered into force in early 2021 to form a 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 maximise their common interests.
The minister also disclosed that the meeting reviewed ways to benefit from financing mechanisms provided by British financial institutions such as the British International Investment Corporation and the UK Export Finance Agency with the aim of promoting trade exchange between the two countries and encouraging investors from both sides to establish investment partnerships.
He added that these partnerships are especially needed in the new and renewable energy, green economy and infrastructure, and health care sectors, along with projects related to mining industries and increasing the added value of Egypt’s mining wealth.
The volume of trade exchange between the two countries in 2021 amounted to about $2.917bn, compared to the previous year’s $2.163bn — an increase of 35%, according to the minister.