From Piccadilly Street in the British capital of London. Exactly on the opposite side of Green Park, I sat down to take notes on one of Egypt’s most significant missions to encourage investment in UK. It was only a 72-hour journey, but I believe it will reshape Egypt’s appeal to international investors.
I rarely speak from passion, preferring to be guided by data and reasoning. This is what I will discuss in the coming lines outlining the mission, which had the largest governmental, regulatory, and private sector delegation in over a decade. The success of this visit was not determined by the number of participants; if it had not been successful, it would have been nothing more than a waste of time and effort.
I’m talking about the quality of what was provided by the participants, particularly the government representatives, which made me feel hopeful after I was on the edge of losing faith in the potential of bringing about true change in the philosophy of dealing with investment.
The language of discourse used to portray the primary axes of Egypt’s economic reform orientations was distinguished by clarity, openness, and admission of faults, as well as recommending solutions to them. It stressed the existence of issues, some of which need time to resolve, while others require action. In all circumstances, the government is well aware and, on its way to implementing remedies.
Busy Trip
Hundreds of events took place throughout this vibrant visit. The busy schedule included meetings with major global investment and banking institutions such as Bank of New York Mellon, HSBC Group, J.P. Morgan, Morgan Stanley, and the European Bank for Reconstruction and Development, as well as the Commonwealth Business and Investment Council and the London Stock Exchange.
A significant number of investors also took part through Jefferies, including: PGIM, Promeritum, PineBridge, Fidelity International, Mesarete Capital, Sandglass Capital Management, Finisterre Capital, Candriam, T Rowe Price, Amundi Asset Management, HBK, AllianceBernstein, Goldman Sachs Asset Management, Brevan Howard, Franklin Templeton, T Rowe Price, and M&G; standard chartered bank; and the British International Investment (BII).
Along with a number of public debate forums, the tour featured high-level official sessions to outline the Egyptian government’s investment, monetary, and financial plans for the present and future.
Ahmed Kouchouk, the Minister of Finance; Hassan Khateeb, the Minister of Investment; Mohamed Farid, the Chairman of the Financial Regulatory Authority; Khaled Abbas, the Chairman of the New Administrative Capital Company; Rami Aboul Naga, the Deputy Governor of the Central Bank of Egypt; Walid Gamal El-Din, the Chairman of the General Authority for the Suez Canal Economic Zone; and a larger delegation from private service and production organisations were among the participants in the busy schedule.
British Business community insights
Let me take a brief break from talking about the government and regulatory delegation that has taken part in order give an overview of the insights I have received from the British business community on this year’s delegation.
First, a regulatory and ministerial group that recognises the importance of the private sector and works to give it as much boost as possible.
Second, having a thorough grasp of the instruments required to attract investors and realise shared interests while speaking in the language of world economy and investment.
Third, comprehending the difficulties and the time required to resolve them in light of the region’s geopolitical developments, as well as having a conceptual framework for confronting and preventing their recurrence.
Fourth, the degree of transparency that the Egyptian government and regulatory bodies are prepared to embrace in their interactions with the local and international public. This is an essential need that reassures any investor considering entering a worldwide market.
Fifth, a prompt reaction to remarks combined with adaptability in implementing the principle of shared interests.
Sixth, adhering to a medium- and long-term plan and promising to never stray from the rights or obligations stated therein.
Seventh, the business community in the UK has expressed a positive response to the representation by the ministerial group that comprised Finance Minister, Ahmed Kouchouk, Investment Minister, Hassan Al-Khatib, along with the regulatory group represented by Farid and Abu Al-Naja. This is what I have observed from the impressions across various British sectors participating in the event.
Ahmed Nazif’s administration
From a personal standpoint, what I have seen on this trip gives me the impression that we are headed back towards the professional technocratic ministerial and regulatory representation that characterised the second phase of economic reform, started in 2005 under Dr. Ahmed Nazif’s administration. The then ministers, regulators, and technocrats were successful in changing the macroeconomic, financial, and monetary realities.
I took part in the British Chamber’s door-knocking missions for a long time after the revolution of January 2011—as a member of the chamber and as a journalist. The reaction was mostly indifferent each time I visited London. There was not a noticeable shift in the perception of British business community towards investing in Egypt.
Every time, considering the lackluster reception, I would question myself what the purpose of these travels was. And why do the Executive Director of the chamber, Nadia Lamloum, and its President, Khaled Nosseir, expend so much energy and time in a stagnant market that is not keen to grow into Egypt?
But this year, I realised the effect, and I have to say that the British Chamber is correct in its ongoing attempts to preserve these sensitive ties. Sustaining continuous relationships lays the groundwork for grasping opportunities.
right people being in the right places at the right times
To put it plainly, this year’s objective was made possible by the right people being in the right places at the right times, which helped British investors, foreign organisations, and government agencies change their viewpoints. This change may signify the start of allowing a wider range of foreign investors to enter the Egyptian market in both the service and production sectors.
Now, it is up to the government and regulatory authorities to completely commit to what they presented and committed during the trip, as “results” and mutual interests are the fundamental drivers of capital.
We must take the chance. We are now one of the top performing countries in the Middle East in terms of return on investment, thanks to cheap labour costs, flexible legislation, alignment with environmental and sustainability challenges, and the availability of energy resources. The only elements missing are good administration, credibility, and sincerity in implementation.
Written by: Dina Abdel Fattah
