Egypt's Planning Minister Engages with Top British Firms to Boost Investment and Cooperation

H.E.Dr. Hala El-Said, Minister of Planning and Economic Development and Chairperson of Egypt’s Sovereign Fund, met with representatives from 50 of the largest British companies across various sectors, including technology, environmental solutions, water, infrastructure, airports, technology, and finance. The purpose of the meeting was to explore avenues of cooperation and discuss potential joint investment opportunities.

The meeting was part of a visit organized by the Egyptian-British Chamber of Commerce in partnership with the UK Department for Business and Trade, the British Embassy in Cairo, and UK Export Finance.

During the meeting, Dr. Hala El-Said outlined the key initiatives of the Ministry of Planning and Economic Development. She highlighted the formulation and monitoring of the implementation of Egypt’s Vision 2030, which is the national version of the UN's Sustainable Development Goals. She explained that a participatory approach is used in all stages of setting and implementing the vision's goals, involving the government, private sector, civil society, academics, and youth. The ministry also proposes economic policies and participates in drafting sectoral and geographical development strategies, in addition to working on the annual and medium-term investment plans and allocating public investments.

Minister El-Said emphasized the role of Egypt's Sovereign Fund as the government's investment arm, which aims to attract private sector investments by exploring and transforming various investment opportunities into different investment products. The fund's objectives include creating wealth for future generations by maximizing the value of state-owned assets and attracting local and foreign investors, with a focus on key sectors such as manufacturing and technology through increasing local content.

She also mentioned the sub-funds under Egypt’s Sovereign Fund in fields such as healthcare and pharmaceuticals, infrastructure and utilities, financial services, tourism and real estate, green growth, education, communications, industry, food industries, and agriculture.

Dr. El-Said highlighted the green hydrogen projects in the Suez Canal Economic Zone, reaffirming the state's commitment to localizing certain industries related to green hydrogen to ensure the sustainability of these investments.

El-Said stated that Egypt’s non-oil exports have exceeded $35.3 billion, marking an increase of approximately 20% from the previous year, aligning with the annual target to boost exports. She noted the significant simplification of investment procedures in recent years, which has resulted in foreign direct investments nearing $10 billion this year.

Regarding the enhancement of the investment environment, the Minister pointed to the establishment of the Supreme Council for Investment, chaired by the President, which includes members from the private sector, government ministries, the Federation of Egyptian Industries, and the Federation of Chambers of Commerce. She also mentioned the activation of the golden license to expedite the licensing process for investors. Improving Egypt’s infrastructure, particularly in underserved areas, was identified as a critical challenge.

Dr. Hala El-Said remarked that in response to global challenges such as the COVID-19 pandemic, geopolitical shifts, and climate change, Egypt has initiated a comprehensive structural reform plan aimed at enhancing economic resilience and competitiveness. The plan focuses on increasing the role and productivity of key sectors like industry, agriculture, and information and communication technology, targeting an increase in their contribution from 25% to 35% by 2027. The reforms also aim to boost private sector involvement, improve labor market efficiency, and expand social networks to mitigate economic shocks and support vulnerable groups.

Despite challenges such as COVID-19 and geopolitical tensions affecting global supply chains and inflation rates, Egypt has maintained strong economic performance. According to the International Monetary Fund, Egypt's projected growth rate will remain higher than the expected rates for various regional groups, including Africa and the Middle East. El-Said confirmed ongoing efforts to stabilize growth and strengthen economic fundamentals. Since the launch of the first phase of the national economic reform program in 2016, the focus has been on supporting public-private partnerships and developing infrastructure to attract investments, increase productivity, and promote inclusive growth across all economic sectors.

El-Said underscored Egypt’s strategic advantages in tourism and logistics due to its geographic location and multiple trade agreements that ensure fair competition between the public and private sectors. She emphasized the state's seriousness in achieving competitive neutrality, a concept outlined in the State Ownership Policy Document to ensure all market players, whether local, foreign, private, or state-owned, operate on a level playing field.

El-Said also mentioned cooperation with several international organizations, including the Organisation for Economic Co-operation and Development (OECD), which plays a crucial role in adopting global best practices in economic reform, improving policy frameworks, and governance, ensuring alignment with international standards.

She concluded that the comprehensive approach to economic development and reform in Egypt reflects the state's commitment to sustainable growth, resilience, and inclusivity. Through strategic planning, policy innovation, and global partnerships, Egypt aims to address challenges and leverage opportunities for a prosperous future.

Eng. Taha Khaled, Chairman of the Egyptian-British Chamber of Commerce, expressed his enthusiasm for facilitating the delegation, which not only strengthens trade and investment between the two countries but also contributes to Egypt's infrastructure goals. He noted that the recent and ongoing reforms in Egypt have attracted a large number of British infrastructure companies, highlighting the interest shown by many British companies in partnering with the Egyptian government and business community in infrastructure development.

Khaled emphasized the diverse fields and specialties of these companies and their interest in various Egyptian sectors, particularly given the country’s recent developments.

After the meeting, British companies expressed their desire to explore different cooperation opportunities with Egypt in various fields and to establish direct links with Egypt’s Sovereign Fund to increase collaboration prospects.

During the meeting, the British delegation posed numerous questions about investment projects in Egypt, which Dr. Hala El-Said addressed comprehensively. The delegation acknowledged Egypt’s ability to handle multiple shocks that have affected countries worldwide.

The British delegation’s visit aims to enhance bilateral trade relations and explore new cooperation opportunities between Egypt (both public and private sectors) and the UK. The visit includes several field visits and guided tours of major infrastructure projects and industrial sites in Egypt.

The meeting was attended by Ambassador Hazem Khairat, Advisor to the Minister for International Cooperation; Ambassador Hisham Badr, Assistant Minister for Strategic Partnerships, Excellence, and Initiatives; Wael Ziada, Assistant Minister for Economic Affairs and Investment; Counselor Mohamed Aba Zaid, Legal Advisor to the Minister; Ayman Soliman, Executive Director of Egypt’s Sovereign Fund; and Dr. Sherifa Sherif, Executive Director of the National Institute for Governance and Sustainable Development.