As Egypt and the United Kingdom (UK) forge ahead with their economic partnership, the UK stands among the largest investors in Egypt, with USD 48 billion (EGP 2.3 trillion) directed across a range of sectors, including oil and gas, telecommunications, pharmaceuticals, and consumer goods, according to the Minister of Finance, Ahmed Kouchouk.
Egypt is open to expanding cooperation with international partners to foster economic development and support global trade, the minister highlighted.
Trade between Egypt and the United Kingdom saw a substantial rise in 2023, a trend that shows no signs of slowing down.
In June 2024, the United Kingdom recorded GBP 80.5 (EGP 5.24 billion) million in exports to Egypt including GBP 31.2 million (EGP 2.03 billion) in scrap iron, GBP 20.1 million (EGP 1.31 billion) in self-propelled rail transport, GBP 9.26 million (EGP 602.37 million) in other precious metal products, GBP 7.24 million (EGP 467.6 million) in packaged medicaments, and GBP 6.01 million (EGP 390.54 million) in cars.
During the same period, the United Kingdom imported GBP 158 million (EGP 10.27 billion) worth of goods from Egypt. Leading the list were GBP 30.3 million (EGP 1.97 billion) in insulated wire, followed by GBP 12.2 million (EGP 792.49 million) in other fruits, GBP 11.2 million (EGP 728.45 million) in nitrogenous fertilizers, GBP 7.09 million EGP 461.43 million) in citrus, and GBP 4.62 million (EGP 300.78 million) in buses.
Between June 2023 and June 2024, the United Kingdom saw a sharp decline in exports to Egypt, with trade falling by 32.2 percent equating GBP 38.2 million (EGP 2.48 billion), dropping from GBP 119 million (EGP 7.74 billion) to GBP 80.5 million (EGP 5.24 billion). At the same time, imports from Egypt surged, rising by 25.2 percent, marking GBP 31.7 million (EGP 2.06 billion), climbing from GBP 126 million (EGP 8.19 billion) to GBP 158 million (EGP 10.27 billion) over the same 12-month period.
Egypt and the UK Outline Strategic Plans
In May, the CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), Hossam Heiba, and the Chief Executive of UK Export Finance, Tim Reig, signed a memorandum of understanding (MoU) to bolster investment and trade ties between the two nations.
The MoU creates a structured framework to align the investment priorities of Egypt and the United Kingdom. It also establishes a mechanism for sharing vital information, allowing both nations to pinpoint the projects that require the most financial support and direct resources toward investments that align with their development goals and strategies
“This agreement reinforces our commitment to sustainable development, fostering economic growth, and attracting foreign investment into the Egyptian infrastructure sector,” the British Ambassador to Egypt, Gareth Bayley, said.
The agreement will bring together government agencies and industry representatives from both countries to share technical knowledge, training, expertise, and best practices in prioritizing, financing, and managing these projects.
With the recent MoU serving as a strategic guide, both nations are well-positioned to seize emerging opportunities that align with their broader economic goals.
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