Egypt, UK trade reaches £4.7 Billion as Egypt strengthens economic growth
Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, announced that trade between Egypt and the United Kingdom reached £4.7 billion in 2024.
Speaking at a meeting with members of the British Egyptian Business Association (BEBA), Al-Mashat emphasized the strong economic ties between the two nations.
She praised the British International Investment (BII) for its ongoing commitment to Egypt, highlighting that BII’s investment portfolio in Egypt amounts to approximately £547 million, spread across 64 companies.
She noted that these investments underscore the UK's role in supporting Egypt’s private sector and driving economic development.
Al-Mashat also projected that Egypt’s economy is set to grow by 4% by the end of the current fiscal year, reinforcing the government's commitment to accelerating economic expansion.
She emphasized that the private sector remains the key engine of sustainable growth, with policies focused on fostering a competitive business environment.
To achieve these objectives, she highlighted the ongoing collaboration between the economic ministerial group and other specialized ministerial committees.
This coordination, she explained, is crucial in aligning policies that enhance the investment climate, boost Egypt’s global competitiveness, and attract more foreign direct investment (FDI).
She reaffirmed the government’s dedication to creating a resilient and dynamic economy that supports both domestic and international investors.
During the discussion, Al-Mashat reviewed private sector investment trends, noting that Egypt’s Purchasing Managers’ Index (PMI) showed positive growth in February, reflecting the government’s success in paving the way for stronger private sector engagement.
Additionally, she highlighted that public investment reforms have increased the private sector’s share to 63% of total investments in the first quarter of the fiscal year, signaling a shift toward greater private sector participation in economic development.
Looking ahead, she provided insights into Egypt’s investment strategy for the upcoming fiscal year. The government plans to allocate 45.3% of its investments to human development, up from 42% in the current fiscal year.
Meanwhile, 35% of investments will focus on industrial development, reinforcing Egypt’s commitment to strengthening its manufacturing and production capabilities.
The remaining 19% will be allocated to local development projects, aimed at enhancing infrastructure and improving living standards across various regions.
On the topic of development financing, Al-Mashat revealed that blended finance mechanisms, designed to stimulate private sector investment, reached $4.2 billion in 2024.
She further noted that concessional development financing from international development partners to Egypt’s private sector between 2020 and 2024 amounted to $14.5 billion, underscoring Egypt’s ability to attract sustainable financial solutions to support economic and social development.
Al-Mashat concluded by reaffirming Egypt’s commitment to fostering economic resilience, promoting investment-friendly policies, and strengthening partnerships with global investors, ensuring continued growth and sustainable development in the years ahead.