The Egyptian Prime Minister, Mostafa Madbouly, confirmed that there is a real opportunity for green global economic growth in which British companies can play an important pivotal role in achieving this goal.
During his meeting with the Egyptian-British Business Association (BEBA), Madbouly said in his speech that “Britain is a major strategic partner for Egypt”, praising the role of the Egyptian-British Business Association and business communities in promoting joint trade and investment relations.
The Prime Minister explained that Egypt aspires to exchange experiences and develop technological cooperation with Britain in priority areas, to explore current investment opportunities in the fields of clean and renewable energy, industrialization, and health.
He also added that Britain is the leading foreign investor according to the shares of foreign direct investment in the Egyptian market, with about 1,640 operating companies, including British investments that cover many sectors such as services, energy, manufacturing and finance.
Madbouly said “The first eight months of this year, 2022, witnessed an increase of 77.6% in Egypt’s exports to the United Kingdom, compared to the same period in 2021. Moreover, British exports to Egypt also witnessed an increase of 34.6% during 2021, which indicates the existence of real opportunities to develop the volume of trade exchange, in addition to the importance of rapid growth in our economic relations.”
The Egyptian-British relations are historical and ancient, as Britain was one of the highest investing countries in Egypt in 2020. In addition to that there is a great understanding between the political leadership in Egypt and the British government on many issues.
Distinctive Commercial Relations Between the Two Countries
Foreign Minister Sameh Shoukry and British Trade Policy Minister Penny Mordaunt had signed the Partnership Council’s decision to inaugurate the Subcommittee on Trade and Investment Affairs emanating from the Egyptian-British Partnership Agreement last July, in London.
The second session of the Partnership Council between Egypt and the United Kingdom was held under the chairmanship of the Minister of Foreign Affairs, Sameh Shoukry, and the British Minister of Trade Policy, Penny Mordaunt. In the second session, the two parties discussed cooperation in the fields of investment, trade, industry, green transformation, agriculture, health, education, and tourism.
At that time, the opening session of the first participation council meeting between Egypt and the United Kingdom began, chaired by Minister Shoukry and his English counterpart, Minister Truss, where they dealt with all aspects of bilateral cooperation, as well as international and regional issues of common concern.
During the first session, Minister Shoukry and his counterpart, Minister Truss, signed the first decision of the Partnership Council between Egypt and the United Kingdom to adopt the procedural rules governing the work of the Council and the Participation Committee between the two countries.
The two countries have strong relations based on a long history of joint cooperation in various fields. In addition to the interest of the two governments, Egypt and Britain, in advancing economic cooperation frameworks to achieve a quantum leap in intra-trade rates and increase investment projects for British companies in Egypt.
The governments of the two countries had signed the Egyptian-British partnership agreement at the end of 2020, which entered into force at the beginning of 2021 to form the general framework for relations between the two countries in various fields and reflect the interest in strengthening aspects of cooperation between them and advancing them to broader horizons in a way that maximizes their common interests.