Egypt, UK to hold investment conference in December

Egypt and the United Kingdom are set to host an investment conference in December to explore new avenues of collaboration and showcase Egypt’s recent economic reforms. The event will highlight opportunities for strengthened partnership and discuss Egypt's progress in its reform agenda.

During a meeting between Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, and Mark Bryson-Richardson, the British Ambassador to Cairo, both sides reviewed efforts to enhance bilateral cooperation. The discussions centered on further advancing Egypt’s economic reforms, designed to attract investment, empower the private sector, and prepare for the upcoming conference.

Minister El-Khatib outlined significant progress over the past 15 months in transforming Egypt's macroeconomic policies. These reforms, which span monetary, fiscal, and trade systems, have redefined the state's role in the economy. Notably, inflation has decreased to around 12%, reflecting the success of policies aimed at maintaining price stability despite global economic pressures.

The minister also highlighted ongoing efforts to restructure the subsidy system, ensuring fiscal sustainability and efficiently directing resources to those most in need. As part of its broader economic vision, Egypt aims to position itself among the world’s top 50 economies in trade competitiveness. A notable achievement in this area has been a 63% reduction in customs clearance time within one year, improving the process from 16 days to approximately 5.8 days.

In line with these reforms, Egypt is preparing a new trade policy focused on openness, competitiveness, and stronger regional partnerships, particularly with African countries. The minister stressed the government's commitment not to raise customs tariffs to prevent further inflation and to maintain Egypt’s support for global trade principles.

El-Khatib also pointed out that Egypt's trade deficit has dropped to its lowest level since 2010, now standing at $30 billion, down from $50 billion. This is a testament to the effectiveness of Egypt’s industrial and trade reforms.

Looking ahead, the government is focused on leveraging Egypt’s strategic location and advanced infrastructure to become a regional hub for manufacturing and exports. The government aims to double foreign direct investment (FDI) through comprehensive legislative and procedural reforms.

The minister also emphasized Egypt's commitment to digital transformation, noting that over 460 digital services and permits have been launched, reducing license processing time to just 20 days. Additionally, 96 government entities are now integrated into a unified digital system, enhancing the ease of financial transactions for investors.

El-Khatib reaffirmed Egypt’s dedication to fostering deeper economic ties with its international partners, particularly the UK. The December conference will provide a platform to review Egypt’s reform achievements, showcase ongoing initiatives, and explore investment opportunities in various sectors.

Ambassador Bryson-Richardson praised Egypt’s significant strides in implementing its reforms and stressed the importance of raising awareness among the British business community about these developments. He highlighted the investment conference as a key opportunity to demonstrate the UK’s commitment to expanding cooperation, particularly in areas such as customs, fintech, and renewable energy, in line with Egypt’s development priorities.

The ambassador also expressed the UK’s continued support for Egypt’s efforts to boost competitiveness and attract investment. He pointed to promising opportunities for British export financing through the UK Export Finance program and new joint initiatives in agriculture and trade, which are expected to double bilateral trade volumes in the coming years.