The British Egyptian Business Association (BEBA) trade mission, titled “Growing Green: Boosting Trade and FDI Linkages Towards a Sustainable Future,” began on Wednesday, June 14, 2023, in the United Kingdom and will run until June 16. The mission includes the Egyptian Petroleum Minister, Finance Minister, GAFI CEO, and CBE Deputy Governor, along high-level investment delegation. The mission’s goal is to propel bilateral economic relations to promote investment opportunities in Egypt.
The Egyptian mission pursues harnessing bilateral investment opportunities, as well as driving attractive incentives for foreign direct investment in Egypt in sectors such as hydrogen, carbon removal, green bonds, mining, and financial services. They will also explore potential international business opportunities through discussions with senior officials in the United Kingdom and major British companies. In addition, they will be updated on the significant progress of Egypt’s economic indicators, despite the unfavorable global conditions affecting all emerging economies.
BEBA Chairperson, Khaled Nosseir, said that this year’s mission has taken a title to enhance trade links and foreign direct investment towards a sustainable future for discussion with UK partners, taking advantage of the results of COP27, which represented a crucial opportunity for Egypt to promote its local climate action agenda, as outlined in the ambitious 2030 vision.
BEBA Executive Director Nadia Lamloum explained that with the ongoing global transition towards reducing carbon emissions and producing green energy sources in the past two years, Egypt, realizing the importance of this transition, has made significant efforts to enhance carbon removal and adopt renewable energy solutions. In May 2022, Egypt launched the National Climate Strategy 2050, targeting a reduction in carbon emissions, an increase in the use of renewable energy sources, and the production of green hydrogen for $1.7 per kilogram by 2050.
She added that with the launch of the Green Hydrogen Strategy, Egypt is working to develop simplified policies and incentives to attract more investments, as well as considering offering tax exemptions, in addition to prioritizing ammonia in accessing ports according to industry experts’ recommendations. This is what the mission seeks to clarify during the meetings and discussions targeted over the next three days.
The schedule of meetings and discussions for the trade mission to the United Kingdom focuses on innovative financing for the green economy, carbon removal, hydrogen pathways, mining and exploration of Egyptian resources, and financing for carbon removal.
