Egypt’s Minister of Planning and Economic Development, Rania Al-Mashat, welcomed Hamish Falconer, Parliamentary Under-Secretary of State (Middle East, North Africa, Afghanistan and Pakistan) at the Foreign, Commonwealth and Development Office of the United Kingdom, on his first visit to Egypt.
The meeting, which also included UK Ambassador to Egypt Gareth Bayley, focused on strengthening bilateral cooperation in a range of sectors, building on the longstanding economic, trade, and investment relations between the two nations.
Al-Mashat reaffirmed Egypt’s commitment to fostering deeper collaboration with the United Kingdom, particularly in increasing British investments across various sectors.
She highlighted the Egyptian government’s continued efforts to create a conducive business environment, which has attracted substantial international interest. The discussions also addressed the potential of an upcoming Egypt-UK Investment Conference, aimed at encouraging key British investors to explore new opportunities in Egypt. This follows the success of the recent investment summit Egypt held with the European Union.
The meeting included representatives from key British institutions, including UK Export Finance, British International Investment, the Egyptian-British Chamber of Commerce, the British-Egyptian Business Association, and the British Embassy in Egypt.
The ministers discussed the current global economic climate and the multifaceted challenges facing both developed and emerging markets, exacerbated by geopolitical tensions in the Middle East. They also shared insights from recent international summits, notably the Future Summit in New York and the Hamburg Sustainability Conference. They emphasised the importance of collaborative efforts to reform the global financial system.
Al-Mashat provided an overview of Egypt’s governmental priorities as part of its ongoing development agenda, which is anchored in fostering a competitive, investment-friendly economy. Central to this agenda is Egypt’s commitment to continuing its economic and structural reforms, aimed at creating a more favourable business climate and removing barriers to greater private sector participation in national development. The Minister emphasized the government’s focus on advancing investment governance to ensure the efficient use of public funds, which is critical for enhancing financial performance and economic stability.
These reforms are designed to unlock greater opportunities for private sector investment and facilitate Egypt’s integration into the global economy.
The Minister also highlighted the strategic initiatives undertaken by the Ministry of Planning, Economic Development, and International Cooperation to achieve sustainable economic growth.
These initiatives are based on a comprehensive economic development strategy, supported by evidence-based policymaking and data-driven decisions to address development gaps across various sectors.
This approach includes mobilising both domestic and international financing to support Egypt’s sustainable development goals (SDGs), particularly through the Integrated National Financing Strategy, which allocates resources to priority sectors, spurs private sector investments, and accelerates progress toward the SDGs.
In the context of global efforts on climate action, Al-Mashat emphasised the critical role of country-led initiatives and national platforms that drive climate-focused investments. Egypt, since 2014, has been keen to advance its climate agenda alongside its development goals, implementing key structural reforms to stimulate private sector investments in the energy sector and sustainable infrastructure projects.
The Minister underscored Egypt’s significant progress in these areas, particularly before the COVID-19 pandemic, which saw the country’s economic performance and growth rates rise. However, the pandemic, along with subsequent global crises, has posed significant challenges.
The meeting further explored the growing partnership between Egypt and the UK in advancing green transition efforts and scaling up climate finance. Dr. Al-Mashat spotlighted Egypt’s pivotal role in leading climate action, notably through its successful hosting of the COP27 climate conference. COP27 catalysed Egypt’s national efforts to boost climate-related initiatives, particularly through the launch of the NWFE (Nexus of Water, Food, and Energy) platform, which is designed to mobilise innovative climate financing tools and attract substantial climate-focused investments. Al-Mashat noted that the NWFE platform has since become a model for replication, with several African nations expressing interest in leveraging Egypt’s expertise in this area.
Falconer reaffirmed the United Kingdom’s commitment to deepening its strategic partnership with Egypt, noting that his visit marks an important step toward advancing mutual relations. He also outlined the UK’s interest in supporting Egypt’s green transition and its broader development goals. Falconer’s visit included high-level meetings with several Egyptian officials, aimed at furthering cooperation in key areas of mutual interest.
As a key outcome of the visit, Egypt and the UK signed a Memorandum of Understanding (MoU) to establish a strategic partnership focused on sustainable food security. This partnership includes technical exchanges and bilateral cooperation aimed at enhancing Egypt’s local wheat production and promoting sustainable agriculture practices. The MoU outlines plans for the launch of a pilot program to leverage British technical expertise in boosting Egypt’s domestic agricultural output, ensuring food security, and identifying new areas of cooperation that align with the shared priorities of both nations.
This MoU marks a new phase of collaboration between Egypt and the UK, reflecting the mutual commitment to driving economic growth, fostering sustainable development, and enhancing resilience in the face of global challenges. Both nations look forward to expanding their partnership in the areas of climate finance, sustainable development, and investment, building on the strong foundation of their historical ties.
