Mission includes Egyptian Petroleum Minister, Finance Minister, GAFI CEO, CBE Deputy Governor, along high-level investment delegation
The British Egyptian Business Association (BEBA) trade mission, titled “Growing Green: Boosting Trade and FDI Linkages Towards a Sustainable Future,” began on Wednesday, June 14, 2023, in the United Kingdom and will run until June 16.
The mission’s goal is to strengthen economic relations between the two countries and promote investment opportunities in Egypt. It will be attended by Tarek El-Molla, the Minister of Petroleum and Mineral Resources, Mohamed Maait, the Minister of Finance, Rami Aboul Naga, the Deputy Governor of the Central Bank of Egypt (CBE), and Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), as well as a high-level delegation of investors and businessmen.
The Egyptian mission aims to enhance investment opportunities between the two countries and highlight attractive incentives for foreign direct investment in Egypt in sectors such as hydrogen, carbon removal, green economy/bonds, mining, and financial services. They will also explore potential international business opportunities through discussions with senior officials in the United Kingdom and major British companies. In addition, they will be updated on the significant progress of Egypt’s economic indicators, despite the unfavorable global conditions affecting all emerging economies.
BEBA Chairperson Khaled Nosseir said that the annual visit of the trade mission to Britain aims to strengthen economic and investment relations between the two countries, which have extended over decades. He indicated that this year’s mission has taken a title to enhance trade links and foreign direct investment towards a sustainable future for discussion with UK partners, taking advantage of the results of COP27, which represented a crucial opportunity for Egypt to promote its local climate action agenda, as outlined in the ambitious 2030 vision.
BEBA Executive Director Nadia Lamloum explained that with the ongoing global transition towards reducing carbon emissions and producing green energy sources in the past two years, Egypt, realizing the importance of this transition, has made significant efforts to enhance carbon removal and adopt renewable energy solutions. In May 2022, Egypt launched the National Climate Strategy 2050, targeting a reduction in carbon emissions, an increase in the use of renewable energy sources, and the production of green hydrogen at a cost of $1.7 per kilogram by 2050.
She added that with the launch of the Green Hydrogen Strategy, Egypt is working to develop simplified policies and incentives to attract more investments, as well as considering offering tax exemptions, in addition to prioritizing ammonia in accessing ports according to industry experts’ recommendations. This is what the mission seeks to clarify during the meetings and discussions targeted over the next three days.
It is worth mentioning that the schedule of meetings and discussions for the trade mission to the United Kingdom focuses on key topics such as innovative financing for the green economy, carbon removal, hydrogen pathways, mining and exploration of Egyptian resources, and financing for carbon removal.