Egypt’s government still needs to take real actions on the ground to promote investment and business opportunities.
Egypt has to help UK businesspersons recognise these opportunities and make the most of the benefits of the Egypt-UK trade deal that has come into effect since the beginning of January, said Ahmed Ezz El-Din, vice president of the Fed International for Industry and Trade.
Ezz El-Din made his comments during a panel held virtually on Tuesday by the British Egyptian Business Association, attended by Ahram Online, to discuss the opportunities the deal offers for the UK and the Egyptian business communities.
He noted that agribusiness and the foodstuff sector are some of the most promising sectors in Egypt to attract UK investments and business, especially that 40 percent of the UK’s foodstuffs is imported.
He also added that the trade deal between the two countries is a significant opportunity for Egyptian exports to thrive.
Meanwhile, Paul Mullard, senior trade policy advisor at the UK’s Department of International Trade stressed that the deal came to boost bilateral trade relations between the two countries, adding that businesspersons in the UK need to hear from the business community in Egypt to recognise the potentials that can push the deal forward.
He noted that the Egypt-UK trade deal replaces the Egypt-EU trade deal, particularly the trade terms with the UK, adding that it aims to sustain export and trade movement between the two countries and raise the confidence between them regarding investment and business doing through tackling all kind of disruptions that are likely to occur.
On the benefits that Egypt can gain from the African Continental Free Trade Area Agreement (AfCFTA) and the Egypt-UK trade deal, which both come in effect in January, General Director of trade in goods at the Ministry of Trade and Industry Iman Refaat said that the AfCFTA offers significant potentials for the UK’s investment and business.
She added that energy, goods, infrastructure, and agribusiness are the top sectors that represent real potentials for the UK’s investments.