British trade delegation visits Egypt to explore new investment opportunities

0
48

UK Trade Envoy to Egypt Jeffrey Donaldson arrived in Cairo on Saturday, accompanied by representatives of various British companies, aiming to explore new investment opportunities in Egypt, the British embassy in Cairo said in a statement. The delegation is looked into investments in the key sectors of infrastructure, agriculture, healthcare and defence. Fourteen companies were represented by the delegation, including London International Patient Services, Rolls Royce and Bombardier, with 70 percent of those involved being new investors in Egypt. The embassy statement quoted British Ambassador to Cairo John Casson as saying, “It’s an exciting time to be welcoming a new generation of British companies that are looking for business opportunities here.”

The delegation attended several meetings with Egyptian officials, including Prime Minister Sherif Ismail, Chairman of the Suez Canal Economic Zone Mohab Mamish, and the ministers of investment, housing, trade, transport and petroleum. “The recent reforms that implemented have brought about stronger economic growth in Egypt and this has heightened the interest of British companies in doing business with Egypt,” said Donaldson.
This visit by the UK business delegation was announced earlier this month. In August, UK minister for the Middle East Alastair Burt visited Cairo for talks with Egyptian officials on British-Egyptian cooperation and UK support for Egypt, especially in economic and educational reform. The UK is Egypt’s number-one foreign investor, with $43 billion of inflows and over 1,450 British businesses active. It is also a major investor in Egypt’s oil and gas sector, the statement says. The British embassy said that British investment in Egypt has been growing recently, citing several examples. The British manufacturer SEWS opened a new factory in Egypt in August, while the British telecommunications company Vodafone has allocated EGP 2 billion to expansion in Egypt this year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here