Egypt’s Minister of Trade and Industry, Ahmed Samir, met with the British Prime Minister’s Trade Envoy to Egypt, Sir Geoffrey Donaldson, on Tuesday, to discuss ways to enhance joint economic cooperation in trade, industry, investment, food and pharmaceutical security, and to review the global economic situation.
The minister said that the meeting explored the opportunities and possibilities for increasing cooperation in food security projects, such as agriculture, food industries, and agricultural manufacturing, as well as drug security projects, such as the production of medicines, pharmaceutical preparations, medical supplies and devices, and health care. He also mentioned modern construction technology projects as another area of cooperation.
The minister said that the state is offering unprecedented incentive packages for strategic projects, including tax exemptions for up to 10 years and a refund of 50% of the value of industrial land if the project is completed within 18 months. He also said that the state is expanding the issuance of golden licenses to investors, which allow them to establish projects without multiple approvals from different authorities.
The minister said that the Egyptian market is a distinguished investment destination for international companies, thanks to the large consumer market and the access to the African markets through the African Continental Free Trade Agreement (AfCFTA) and the Common Market for Eastern and Southern Africa Agreement (COMESA). He also said that the state is working on facilitating the logistical transport system between the African countries, such as the Cairo-Cape Town road.
The minister revealed that the trade exchange between Egypt and the UK has witnessed significant progress recently, reaching £3.315bn in 2022, compared to £2.291bn in 2021, an increase of 44.7%. He added that the Egyptian exports to the UK achieved an unprecedented growth of 83%, reaching £1,686m, compared to £921m in 2021. He said that Egypt achieved a surplus in the trade balance with the UK for the first time, worth £57m, compared to a deficit of £448m in 2021. He also said that the UK is the largest foreign investor in Egypt, with a total of $21.5bn in 1,707 projects in various sectors.
Sir Geoffrey Donaldson expressed his country’s keenness to raise the economic relations with Egypt to a distinguished level, as Egypt is one of the pivotal countries in the Middle East and Africa. He highlighted the importance of building on the close relations between the two countries and translating them into concrete cooperation projects that benefit both the British and Egyptian economies. He also praised the development projects implemented by the state to develop the Suez Canal axis.
