Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib met with British Ambassador to Cairo Mark Bryson-Richardson to discuss enhancing the strategic partnership between Egypt and the United Kingdom. The talks reviewed progress in economic reforms aimed at attracting investment and expanding the private sector's role. They also covered preparations for the Egypt-UK Investment Conference scheduled for December.
The meeting discussed progress in implementing economic reforms aimed at attracting investment and expanding the private sector's role in Egypt's economy. El-Khatib highlighted that the Egyptian government has achieved a significant transformation in macroeconomic policy over the past fifteen months, encompassing monetary, fiscal, and trade policies, as well as redefining the state's role in the economy.
Addressing inflation, the minister noted that the rate has fallen to around 12%, reflecting the success of recent policies in maintaining price stability despite global challenges. He added that structural reforms in the subsidy system are underway to ensure its financial sustainability and better direct support to those most in need.
The government aims to position Egypt among the top 50 countries in global trade competitiveness indicators. Reforms have led to a 63% reduction in customs clearance time within a single year—from 16 days to about 5.8 days—alongside an ongoing plan to remove non-tariff barriers and enhance the foreign trade system's efficiency.
A new, comprehensive trade policy is being developed to promote openness, competitiveness, and stronger regional partnerships, particularly with African countries. El-Khatib stressed the government's commitment to avoiding increases in customs duties to prevent additional inflationary pressures, reaffirming Egypt's adherence to global trade rules.
The trade deficit has fallen to its lowest level since 2010, reaching around $30bn, down from $50bn, as a result of ongoing structural reforms in trade and industry. He emphasized that Egypt now stands before a 'golden opportunity' to build on its strategic location and advanced infrastructure, positioning itself as a regional hub for manufacturing and exports. The government aims to double foreign direct investment in the near term through a comprehensive package of legislative and procedural reforms.
Digital transformation is a cornerstone of Egypt's efforts to improve the business environment. The Ministry has launched more than 460 digital services and permits through a unified platform that enables license issuance within 20 days and integrated 96 government entities into a single electronic system.
El-Khatib reaffirmed Egypt's commitment to building deeper economic partnerships with friendly nations, foremost among them the United Kingdom. The upcoming Investment Conference will serve as a key platform to showcase Egypt's reform progress and promising investment opportunities.
Ambassador Bryson-Richardson commended Egypt's economic and structural reforms, describing them as a clear demonstration of the government's commitment to stability and a more attractive investment climate. He noted the importance of increasing awareness within the British business community about Egypt's positive developments.
The Egypt-UK Investment Conference, set for 8 December, represents an important opportunity to highlight Egypt's reform achievements. He reaffirmed the United Kingdom's readiness to expand technical and institutional cooperation, particularly in customs modernization, financial technology, and renewable energy. Bryson-Richardson stressed that the UK remains a strategic partner and will continue to support Egypt's efforts to enhance competitiveness and attract investments, pointing to opportunities through the UK Export Finance program and new projects in agriculture and trade to double bilateral trade soon.