Prime Minister: Egypt is looking forward to exploring new horizons for green projects

Prime Minister: Egypt is looking forward to exploring new horizons for green projects
Prime Minister: Egypt is looking forward to exploring new horizons for green projects

Prime Minister Mostafa Madbouly said that Britain is a major strategic partner for Egypt, praising the role of the British Egyptian Business Association (BEBA) and business communities in promoting joint trade and investment relations.

In his speech during his meeting with the Egyptian-British Business Association (BEBA), which was delivered 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 is looking forward to exploring new horizons for green projects by pushing and encouraging more green projects. Innovative ideas, to ensure the sustainability of our resources.

He stressed that British companies can play an important pivotal role in achieving this goal, explaining that we are looking forward to exchanging experiences and developing technological cooperation between the Egyptian and British sides in priority areas, to explore current investment opportunities in the fields of clean and renewable energy, industrialization and health.

Madbouly added that Britain is the leading foreign investor according to the shares of foreign direct investment in the Egyptian market, with about 1,640 operating companies, including British investments that cover 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 its exit from the European Union, which entered into force in early 2021; To create a new framework for bilateral trade relations, and recently the Sub-Committee on Trade and Investment was established, which will discuss opportunities for increasing cooperation between the two countries.

The first eight months of 2022 witnessed an increase of 77.6% in Egypt’s exports to the United Kingdom, compared to the same period in 2021, and British exports to Egypt increased by 34.6% during 2021, which indicates the existence of real opportunities to develop the volume of exchange. Trade, as well as the importance of rapid growth in our economic relations.

Prime Minister Ali affirmed the government’s aspiration for more British investments and partnerships that benefit from the promising opportunities in Egypt, and we will spare no effort in supporting British companies and investors, with the aim of maximizing our common interests and achieving our development goals.

Madbouly continued: «We are aware in Egypt of the threats posed by climate change, due to the tangible effects on the various fields of our economic activity, especially in the agricultural and water sectors, and with the increasing population, Egypt needs stable sources of energy, and therefore, we have already moved quickly towards increasing Reliance on renewable energy sources within our energy mix.

He explained that we aim to increase the share of renewable energy to 42% by 2035, as 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 effects of climate change, pointing out that Egypt signed a number of agreements during the Climate Summit to implement several projects in the fields of green hydrogen and clean energy. .

He stressed that the Egyptian economy is witnessing a qualitative development in terms of infrastructure modernization, digital transformation, and green transformation as well, which paves the way for exploring non-traditional aspects of cooperation, and calls for immediate action to enhance economic cooperation and mutual investments between the two countries, explaining that mobilizing private capital is necessary to achieve sustainable growth. Comprehensive, maintaining macroeconomic stability.

The Prime Minister said that the Egyptian government, over the past few years, has taken accelerated steps to improve the business climate and stimulate growth led by the private sector, through a proactive reform agenda, based on taking bold decisions for economic reform, which were highlighted in the first edition of the economic conference. Al-Masry 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 repercussions of the war in Europe.

In addition to focusing mainly on empowering the private sector and improving the competitiveness of the Egyptian economy, strengthening local industry, increasing exports, and setting clear policies and measures to enhance the competitiveness and flexibility of the Egyptian economy, stressing the continuation of our steps to improve the investment climate through economic, financial and legislative reforms.

The Egyptian British Business Association held the Ordinary General Assembly, and the Board of Directors was elected to include: Maged Ezz El Din, Khaled Naseer, Pakenam Kafafi, Mohamed Kamal Abdullah, Muhannad Taha, Sarah Hinton, Maged El Menshawy, Engy Rasek, Hussein Rifai, and Najad Shaarawy. Khaled Zaki, Hazem Gohar, and Abdel Karim Helal.

The article is in Arabic

Tags: Prime Minister Egypt exploring horizons green projects

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