The Egyptian government believes that, following Brexit, the UK will have to benefit from Egypt’s position as a trade centre and gateway to Africa, according to Egypt’s Prime Minister Mostafa Madbouly.
The Prime Minister’s remarks came during his speech at the virtual meeting on “Egypt’s Green Economy” Programme, that is being held by the British Egyptian Business Association (BEBA), and the Egyptian-British Chamber of Commerce (EBCC).
Madbouly said that Africa has become one of the most important destinations for international companies and financial institutions.
“We believe that our cooperation in Africa should be based on a number of axes, which are to intensify work on the implementation of projects and the development of infrastructure to achieve continental integration, and to activate all the implementation phases of the African Continental Free Trade Agreement (AfCTA),” he said, “This will be done in a way that contributes to enhancing intra-trade and enhancing the national efforts of African countries in order to support the private sector in order to achieve the desired development, empower youth and women, and support small and medium-sized enterprises in the field of international business.”
Madbouly said that Egypt and the UK have a long-term strategic relationship. He pointed out that Egypt’s President Abdel Fattah Al-Sisi and the UK’s Prime Minister Boris Johnson agreed, last January, on the sidelines of the British-African Investment Summit, to intensify their bilateral economic partnership. This would provide support to Egypt in developing a sustainable economy that benefits future generations.
He added that they discussed cooperation between Egypt and the UK in the field of education, as well as the reforms needed to promote Egypt’s private sector and enhance its economic growth. They also agreed to build on that in the coming years.
Madbouly indicated that both Egypt and the UK are facing the challenges presented by the post-Brexit phase, a second wave of the novel coronavirus (COVID-19), as well as the growing regional challenges.
During his speech, Madbouly highlighted Egypt’s Vision 2030 as the cornerstone for achieving sustainable development goals. He noted that the Egyptian government is looking to benefit from promising sectors that are in line with the country’s development priorities.
This would take into account the repercussions resulting from the coronavirus. These sectors are: health; education; agriculture; industry; telecommunications; information technology; and digital transformation.
At the end of his speech, Madbouly affirmed Egypt’s keenness to build strong partnerships with the UK, which require agreement on an action plan to implement projects.
He added that during the conference period, joint business meetings will be held between companies from both countries.
The Egyptian Prime Minister expressed his encouragement to companies on the necessity to conclude constructive deals, saying: “I am confident that the Egyptian and British business communities are now keen more than ever to build stronger economic relations for the benefit of our two countries.”