Egypt's FM Highlights Green Investment Opportunities .

Foreign Minister Sameh Shoukry highlighted green investment opportunities in Egypt during the US GreenTech Business Mission delegation’s visit to Cairo, especially in light of its hosting of the 2022 UN Climate Change Conference (COP27) in November.

The event was organised by the American Chamber of Commerce in Egypt, the US Chamber of Commerce, and the Office of the US Special Presidential Envoy for Climate.

The GreenTech Business Mission delegation to Cairo includes many companies and financing institutions interested in investing in the field of green energy in Egypt.

In a speech at the event, Shoukry tackled the upcoming Egyptian presidency of COP27 in Sharm El-Sheikh city. He stressed Egypt’s keenness that the conference sees active participation by all parties concerned with international climate action, including private sector representatives.

He also stressed keenness that the conference gives the private sector representatives the opportunity to present their efforts regarding climate action in light of the vital role played by the private sector to combat climate change.

Minister of Planning and Economic Development Hala El-Said participated in the event, where she affirmed Egypt’s readiness to host COP27, saying it would be an opportunity for achieving cooperation and partnership and broadening the scope of collective green recovery.

COP27 will also allow urging all stakeholders to actively participate in climate action, El-Said said, noting that the conference will adopt an approach that engages civil society, the private sector, academia and think tanks in the efforts to enhance the climate agenda and achieve sustainable development.

El-Said said Egypt has updated its Vision 2030 to include issues of water scarcity and green transformation. The country also seeks to ensure that the percentage of green projects in the state’s investment plan reaches 50 percent by 2024-2025, she added.

During the event, Shoukry explained Egypt’s efforts to mitigate the impacts of the global economic crisis resulting from the current geopolitical tensions.

He also shed light on the measures the state has taken to foster economic stability, encourage investments and protect the most vulnerable sectors of the society.

This comes within the framework of the ambitious economic reform programme that has been implemented by the government since 2016, Shoukry noted.

In his speech, Shoukry said the GreenTech Business Mission delegation’s visit constitutes a step in the right direction regarding efforts to transform climate pledges into a reality on the ground.

The visit of the American mission comes within the framework of the Egyptian-American joint effort to strengthen their bilateral relations at all levels and build on the outcomes of their strategic dialogue in Washington last November, Shoukry affirmed.

The American delegation’s visit also aims to explore opportunities available for boosting US investments in Egypt, especially in the fields of renewable energy and green technologies, the top Egyptian diplomat added.

Egypt and the US have shared strong economic ties deep trade and investment relations over the past decades. This is in addition to military relations and strong cooperation in various fields, including climate.

Cairo and Washington also marked last month the centennial of their diplomatic ties.

Trade volume between Egypt and the US amounted to $9.1 billion in 2021, making the US Egypt's second-largest trading partner after China, according to AmCham Egypt.

This represents a leap in trade volume from $6.9 billion in 2020, according to AmCham.

Egypt also accounted for five percent of the Middle East and North Africa exports to the US last year and nine percent of the region’s imports from the US.

During their strategic dialogue in November, Egypt and the US announced the launch of a high-level Joint Economic Commission, formation of a joint US-Egypt Climate Working Group, plans for a green economy trade mission, and a new USAID trade reform programme.