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BEBA’s business mission to the UK bears fruit: The British Egyptian Business Association’s (BEBA) three-day Invest in Egypt: Your Gateway to Growth business mission to the UK saw a number of our cabinet members and higher ups discuss a wide array of potential investments with UK-based firms and other entities, as part of a larger push towards boosting foreign direct investment, according to statements here, here, and here.
A star-studded line up: The mission included Finance Minister Ahmed Kouchouk, Investment Minister Hassan El Khatib, SCZone head Walid Gamal El Din, and Financial Regulatory Authority boss Mohamed Farid. Some important figures from HSBC also joined the mission, including HSC Egypt CEO Todd Willcox.
Firms are already interested: Air cargo service provider Wynne Aviation is looking into making the Suez Canal its business hub in Egypt and Africa and London-based Africa-focused energy company Globeleq unveiled its plans to increase its investments in renewables in the local market. Meanwhile, pharma giant GSK expressed interest in increasing its investments in Egypt’s pharma sector by boosting its local R&D capabilities.
That’s not all: Egyptian officials also met with representatives from fruit producer Blue Skies, railway signaling part manufacturer Park Signaling, who expressed interest in investing in our local market.
Front and center: The government is paying great attention to a number of sectors that include energy, infrastructure, manufacturing, and information and communication technology, El Khatib said.
The road to boosting investments: The government is working to enhance competitiveness, simplify procedures, and increase PPPs in an effort to attract more FDI, El Khatib added.
A message of reassurance from our FinMin: Kouchouk indicated that Egypt’s current economic situation is “reassuring,” citing financial performance indicators for the fiscal year 2023-2024 where Egypt achieved a primary surplus of 6.1% and the budget deficit fell to 3.6% of GDP. Egypt is currently aiming to maintain annual primary surpluses that would bring our debt-to-GDP ratio below 85% by the end of the next fiscal year, he added.
