Nassar: British investments in Egypt hit $5.5bn

CAIRO, Dec 5 (MENA) - Minister of Trade and Industry Amr Nassar said on Wednesday that British investments in Egypt hit around 5.5 billion dollars.

Nassar held a meeting with British Trade Representative Jeffery Donaldson. The meeting took up future economic cooperation between the two countries in light of the Brexit.

Nassar, in press statements, added that bilateral relations are strategic and based on mutual understanding and joint action in all fields.

He noted that British investments in Egypt are in the sectors of oil, gas, fertilizers, agriculture and food industries.

Trade exchange between the two countries reached about 2.5 billion dollars in the past year, he pointed out, adding that it achieved an increase of seven percent compared to 2016.

Egyptian exports to Britain include oils, fertilizers, clothes, chemicals, iron and steel and furniture, he said.

Imports from Britain include medical drugs, industrial and mechanical engineering equipment and machines, he added.

Donaldson said that stability that the Egyptian economy enjoys sends positive messages to the British business community for starting more joint investment projects in Egypt.

He further underlined the importance of activating the role of the Egyptian-British Business Council and the British Chamber of Commerce for pushing up bilateral trade and investment relations to unprecedented levels.