Prime Minister: Egypt looks forward to exploring new horizons for green projects
Prime Minister Mostafa Madbouly said Britain is Egypt’s main strategic partner, praising the role of the British Egyptian Business Association (BEBA) and business communities in promoting joint trade and investment relations.
In his speech during a meeting with the Egyptian-British Business Association (BEBA), held on his behalf by Dr. Mohamed Moait, Minister of Finance, the Prime Minister indicated that there is a real opportunity for green global economic growth, and that Egypt looks forward to exploring new horizons for green projects encouraging and encouraging more green projects Innovative ideas, to ensure the sustainability of our resources.
He emphasized that British companies can play an important key role in achieving this goal, explaining that we look forward to the exchange of experience and the development of technological cooperation between the Egyptian and British sides in priority areas, to explore current investment opportunities in the areas of clean and renewable energy, industrialization and health .
Madbouly added that Britain is the leading foreign investor by FDI shares in the Egyptian market, with around 1,640 operating companies, including British investments covering many sectors such as services, energy, manufacturing and finance.
He pointed out that Egypt signed the Egyptian-British partnership agreement with the United Kingdom after leaving the European Union, which came into force at the beginning of 2021; To create a new framework for bilateral trade relations, a Subcommittee on Trade and Investment has recently been established, which will discuss opportunities to increase cooperation between the two countries.
The first eight months of 2022 saw Egypt’s exports to the UK grow by 77.6% compared to the same period in 2021, and UK exports to Egypt grew by 34.6% during 2021, indicating real opportunities for the development of the volume of exchange. Trade, as well as the importance of rapid growth in our economic relations.
Prime Minister Ali confirmed the government’s commitment to greater British investment and partnerships to benefit from the promising opportunities in Egypt, and we will make every effort to support British businesses and investors, with the aim of maximizing our shared interests and achieving our development goals.
Madbouu continued: “In Egypt, we are aware of the threats posed by climate change, due to the tangible effects on various areas of our economic activity, especially in the agriculture and water sectors, and with an increasing population, Egypt needs stable sources of energy, and therefore we have already made rapid progress towards increasing reliance on renewable energy sources within our energy mix.
He explained that our goal is to increase the share of renewable energy to 42% by 2035, since it currently represents 20% of our energy production, so that Egypt becomes a regional energy center through the production and export of clean energy, directly or through green hydrogen, ammonia and others .
He pointed out that one of the main results of the climate summit in Sharm El-Sheikh was the agreement to establish a historic “loss and damage fund” to help developing countries most vulnerable to the consequences of climate change, noting that Egypt signed a number of agreements during the Climate Summit for implementation of several projects in the field of green hydrogen and clean energy. .
He emphasized that the Egyptian economy is witnessing qualitative development in terms of infrastructure modernization, digital transformation and green transformation, which paves the way for research into non-traditional aspects of cooperation, and calls for immediate action to strengthen economic cooperation and mutual cooperation. investments between the two countries, explaining that the mobilization of private capital is necessary to achieve sustainable growth Overall, maintaining macroeconomic stability.
The Prime Minister said that over the past few years, the Egyptian government has taken accelerated steps to improve the business climate and encourage growth led by the private sector, through a proactive reform agenda, based on making bold decisions for economic reforms, which were highlighted in the first edition of the Al-Masry Economic Conference. last October, during which a dialogue was launched between the government, various experts and the business community, with the aim of drawing a “road map for the Egyptian economy”, in order to reduce the negative consequences of the war in Europe.
While focusing mainly on strengthening the private sector and improving the competitiveness of the Egyptian economy, strengthening local industry, increasing exports and setting clear policies and measures to improve the competitiveness and flexibility of the Egyptian economy, emphasizing the continuation of our steps towards improving the investment climate through economic, financial and legislative reforms.
The Egyptian-British Business Association held its regular general meeting, and the Board of Directors was elected in the composition of: Maged Ezz El Din, Khaled Naseer, Pakenam Kafafi, Mohamed Kamal Abdullah, Muhannad Taha, Sarah Hinton, Maged El Menshawy, Engy Rasek, Hussein Rifai, Najad Shaarawy, Khaled Zaki, Hazem Gohar and Abdel Karim Helal.