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Thursday, 26 November 2020

Egypt-UK trade relations witness turning point with approaching Brexit: Trade minister

Trade exchange between Egypt and the UK increased to £2.14 billion in 2019, up from £1.9 billion in 2018, according to Egypt’s minister of trade and industry

Doaa A.Moneim , Thursday 12 Nov 2020
Egypt-Uk
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The current phase is a turning point in the history of bilateral relations between Egypt the UK, especially in face of Brexit that paves the way for the UK to establish fresh trade and venture relations across the world, Egypt’s Minister of Trade and Industry Nevin Gamea has said.

Gamea's statements were delivered to a virtual panel held Thursday, addressed on behalf of the minister by head of the Egyptian Commercial Service Ahmed Maghawry, as a part of Egypt Week in the UK virtual event that kicked off Monday.

Gamea disclosed that the UK is the top country for Egypt regarding the volume of foreign direct investment (FDI), with total investments worth $5.4 billion focused on the industrial sector.

“Egypt’s government is eager to boost relations with the UK’s business community, by which enhancing the commercial and venture cooperation between the two countries in the coming period. Also, we are looking forward to expanding bilateral cooperation in Africa, especially with the unprecedented political support that Egypt is paying to the continent. This will be a potential that can be tapped for Egypt’s exports to access the African market in light of the African continental free trade agreement (AfCFTA),” said Gamea.

Gamea also noted that the UK is the most important market for Egypt’s exports due to their competitive advantage and amid the Egypt-UK trade agreement that is expected to come into force by the end of 2020.

In this regard, the minister said that trade exchange between the two sides increased to £2.14 billion in 2019, up from £1.9 billion in 2018.

The minister highlighted the economic and structural reforms that Egypt has adopted and that aim at achieving stable economic growth in light of Egypt’s Vision 2030 that targets placing Egypt among top tier countries globally, in economy and social development.

She also underscored Egypt’s efforts to contain the Covid-19 pandemic and its associated impacts.

The British-Egyptian Business Association (BEBA) launched Egypt’s first Virtual Business Week from 9-12 November, the outcome of joint efforts between BEBA and the Egyptian British Chamber of Commerce (EBCC) in collaboration with the Egyptian Embassy in the UK and the UK’s Department for International Trade (DIT).

The virtual week comes as a substitute for BEBA’s trade mission to the UK and Egypt’s trade cooperation mission.

The virtual week is focused on discussing the green economy as a means to support sustainable development goals, sustainable growth and development for future generations, as well as the future of gas and oil, education, the strategy of the Suez Canal economic zone, sustainable financing solutions and cooperation opportunities between Egypt and the UK in the field of telecommunications, and the consolidation of digital transformation in all industries.

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