Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt and UK Strengthen Trade and Investment Ties with New Memorandum of Understanding

Thu 02 May 2024 | 08:04 PM

On Thursday, the General Authority for Investment and Free Zones (GAFI) in Egypt and the British Export Development Authority signed a memorandum of understanding. The agreement was inked by Mr. Hossam Heiba, CEO of GAFI, and Mr. Tim Reid, Chairman of the British Export Development Authority, in a ceremony attended by the British Ambassador to Egypt, Mr. Gareth Bailey, Dr. Dalia Al-Hawari, Executive Vice President of GAFI, and Mr. Mohamed Saad, Country Head of UK Export Finance for Egypt & Algeria.

This new memorandum aims to enhance economic cooperation by providing British financial support for various projects coordinated with GAFI, thereby increasing investment flow and deepening trade relations between the UK and Egypt.

Under this agreement, both countries will exchange information to select projects that align with their development strategies and plans. These projects will link to British and global value chains and adhere to the sustainability and governance standards set by the British Export Credit Guarantee Authority and the OECD.

Mr. Heiba highlighted the memorandum's role in fostering investment cooperation and mutual investor support, which will facilitate the launch of joint ventures between companies in both nations. Additionally, the agreement will help organize investment promotion activities in both Egypt and Britain and address challenges investors may face.

The CEO further emphasized that the memorandum is part of GAFI's strategy to attract more foreign direct investment to Egypt, in line with the Authority’s mandate to organize, encourage, manage, and promote investments. This initiative is expected to empower and maximize the private sector's role in driving economic development, enhancing competitiveness, and creating job opportunities within the framework of Egypt’s National Economic Development Plan.