They also reviewed progress on implementing economic reforms aimed at attracting more investment and bolstering the private sector's role in the Egyptian economy. Preparations for the forthcoming Egypt-UK Investment Conference, scheduled for December, were also reviewed during the meeting.
El-Khatib asserted that the government has achieved a
significant transformation in its macroeconomic policies over the past 15
months, including monetary, fiscal, and trade policies, alongside redefining
the state's economic role.
Regarding inflation, he noted that rates have dropped to
around 12%, which he said "reflects the success of the economic policies
implemented to maintain price stability despite global challenges." He
added that the government is proceeding with "studied structural
reforms" to the subsidy system to ensure its financial sustainability and
efficiently direct resources to the most deserving groups.
The Minister stressed the government has set a clear goal to
include Egypt among the top 50 countries in global trade competitiveness
indicators. He noted efforts have resulted in cutting customs clearance time by
63 percent over one year, from 16 days to about 5.8 days, with plans continuing
to remove non-tariff barriers and boost the efficiency of the foreign trade
system.
El-Khatib indicated that a more comprehensive new trade
policy is being prepared, based on openness, competitiveness, and enhancing
regional partnerships, especially with African nations. He emphasized the
government's commitment "not to impose any increases in customs
duties" to avoid generating additional inflationary pressure, underscoring
Egypt's commitment to global trade rules and support for the free movement of
goods and services.
He added that the trade deficit has fallen to its lowest
level since 2010, reaching about $30 billion, down from $50 billion, an
achievement he attributed to the effectiveness of structural reforms in trade
and industry.
The Minister stressed that Egypt has a "golden
opportunity that must be seized," noting that its unique geographical
location and developed infrastructure make it the most suitable centre for
manufacturing and export. He indicated the government aims to double the volume
of foreign direct investment in a short period through comprehensive
legislative and procedural reforms.
El-Khatib continued that digital transformation is a
"cornerstone" for improving the business environment, with the
ministry launching over 460 digital services and permits via a unified
platform, allowing licenses to be issued within only 20 days. The platform also
integrates 96 government agencies into an electronic system, enabling investors
to deal digitally with the finance ministry without paper procedures.
He affirmed the Egyptian government is working to build
"deeper economic partnerships" with friendly countries, led by the
UK, noting that the upcoming investment conference in December will be an
important platform to showcase reforms achieved, those underway, and promising
investment opportunities across various sectors.
For his part, the British Ambassador expressed his
appreciation for the minister's comprehensive presentation of the government's
priorities, affirming that Egypt’s recent economic and structural reforms
"reflect a clear commitment to stability and improving the business
environment." He noted the current phase requires raising awareness among
the British business community about the positive developments in the Egyptian
economy.
The Ambassador explained that the investment conference,
scheduled for December 8, is a significant opportunity to showcase success
stories and highlight the reforms implemented by the Egyptian government. He
affirmed the UK’s readiness to expand technical and institutional cooperation,
especially in the fields of customs, financial technology (fintech), and
renewable energy, in line with Egypt's priorities.
He concluded by stressing that the UK is a strategic partner to Egypt and will continue to support its efforts to enhance competitiveness and attract investments. He pointed to promising opportunities for financing British exports through the UK Export Finance programme, and new projects under preparation in agriculture and trade, which he said would contribute to doubling the volume of trade exchange in the coming period.