British investments in Egypt reach $21.5bln in June 2024

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Egypt - Hassan El-Khatib, Minister of Investment and Foreign Trade, held extensive talks with John Humphrey, the UK’s Trade Commissioner for Africa, and his accompanying delegation. The discussions focused on strengthening trade and investment relations between Egypt and the United Kingdom in the coming period.

British investments in Egypt reach $21.5bn in June 2024

El-Khatib highlighted the importance of the economic relationship between Egypt and the UK, noting that the UK is one of Egypt’s key trade partners. In 2023, the trade exchange between the two countries reached £2.8bn, with cumulative British investments in Egypt totalling $21.5bn in June 2024. These investments span several sectors, including petroleum, financial services, telecommunications, and industry.

The minister announced that he would visit the UK later this month for meetings with government officials and business leaders. The visit aims to brief the British business community on the latest economic reforms in Egypt and the investment opportunities available to British investors, particularly in green technology, the digital economy, renewable energy, and logistics. He will also highlight the benefits of the Egypt-UK Partnership Agreement and how businesses can capitalize on it.

During the meeting, El-Khatib outlined the Ministry of Investment and Foreign Trade’s vision and plans, stressing the government’s current focus on implementing effective measures to encourage and stimulate investments across all sectors and providing comprehensive support to investors.

John Humphrey welcomed El-Khatib’s upcoming visit to the UK, noting that preparations are underway to maximize the benefits of the trip. Humphrey emphasized the new British government’s interest in enhancing trade and investment relations with Egypt, pointing out the significant opportunities available for British companies to leverage Egypt’s market as a strategic hub for accessing African markets.

Both sides also participated in a roundtable discussion attended by representatives from the General Authority for Investment and Free Zones, the Suez Canal Economic Zone, the Administrative Capital For Urban Development, and the Egyptian Commercial Service. The meeting highlighted investment opportunities for British companies in Egypt and the incentives offered by the Egyptian government to attract foreign investors.

The discussions were attended by Gareth Bayley, the British Ambassador to Egypt; Hossam Heiba, Chairperson of the General Authority for Investment and Free Zones; Yehia El-Wathik Bellah, Head of the Egyptian Commercial Service; and several ministry officials.