British Trade Mission to Egypt inaugurates new agreement on water partnership between Egypt and the UK
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Tuesday - 7 March 2023
The Egyptian British Chamber of Commerce, in collaboration with the UK Department for Business and Trade (DBT), have organized a trade mission to Egypt with 16 delegates from 11 companies to explore investment opportunities in Egypt’s renewable energy, infrastructure, finance and other sectors. The mission was led by the Chairman of the Egyptian British Chamber of Commerce (EBCC), Ian Gray, with the support of the British Ambassador to Egypt, Gareth Bayley, and took place from the 5th to 7th of March 2022.
One of the highlights of the mission was the inauguration of a Memorandum of Understanding (MoU), signed between the Egyptian Ministry of Housing, Utilities & Urban Communities and the UK’s leading water sector trade association, British Water, during the UK World Water Innovation Summit last month in London. The agreement aims to establish a framework for bilateral cooperation on water projects for 40 new cities across Egypt.
It will allow the export of UK water sector and supply chain expertise needed to help with Egypt’s ambitious modernisation plans on desalination, water reuse, and investment in human capital.
The mission also included meetings with senior figures from the Egyptian government. In efforts to increase investments in Egypt, the first meeting was with the General Authority for Investment & Free Zones. This was followed by a meeting with the Suez Canal Economic Zone, in which the mission praised the successful partnerships and MoUs signed during COP27 and the prospects it has opened up for more UK engagement in supporting the development of the infrastructure and renewable energy sectors of the zone.
In addition, and as part of Egypt and the UK’s continuing green partnership, the mission was keen to explore ways to support Egypt’s green energy sector, a point raised during their meeting with the Minister of Electricity and Renewable Energy, Dr Mohamed Shaker. They highlighted the UK’s commitment to support Egypt’s energy reform agenda and transition towards net zero emissions, while transforming Egypt into an energy hub. Both sides acknowledged the substantial cooperation in green hydrogen that took place leading up to and following COP27, including agreements signed with British companies Petrofac, Globeleq and Actis, while expressing interest in increasing collaboration in that regard.
The delegation also met with the Minister of Finance, Dr Mohamed Maait, who emphasized the important role of the private sector to manage and deliver more projects in Egypt, an action point that the mission had also focused on when sitting down with various Egyptian private sector companies, who are essential to Egypt’s economic reform journey, to explore possible avenues of cooperation.
British Ambassador to Egypt, Gareth Bayley, said: “This EBCC trade mission to Egypt strengthens our commercial ties and builds on the huge potential for further trade and investment. As Egypt’s largest foreign investor, the UK is committed to ensuring its investments are ‘fit for the future’, including in vital sectors such as renewable energy and water. I am particularly proud that this mission helped put into action an important partnership in the water sector, allowing for bilateral cooperation on water projects across 40 Egyptian cities. Real world results like this show the UK’s real commitment to increasing our trade relations with Egypt yet further.”
Chairman of the Egyptian British Chamber of Commerce, Ian Gray, said: “The location of the country and the talent pool of ambitious well educated Egyptians has encouraged these companies from the delegation to consider investing for their own businesses and the mission has helped them see many more opportunities than they expected. Many of this delegation were involved in the water industry and the rapid progress in desalination projects and plans to convert waste to energy coupled with the challenge of creating 40 new cities as well as supporting industrial expansion has inspired them. I have been involved in business in Egypt for over 20 years and the fundamental attractions I have known are clear to everyone on this visit despite difficult global economic conditions. We shall be back again soon.”
