GlaxoSmithKline signs agreement to invest £5M in Egypt

CAIRO - 22 January 2020: GlaxoSmithKline Company signed an agreement during UK-Africa Investment Summit to invest £5 million in Egypt, according to spokesperson of the British Government for the Middle East and North Africa, Alison King.

King clarified in a tweet that this agreement is to rehabilitate two existing production lines at the company’s plant.

According to King, the summit witnessed the signing of trade agreements worth £6.5 billion. Egypt allocated £30 million of which by GlaxoSmithKline agreement and Matalan agreement.

British fashion chain Matalan plans to invest £25 million in Egypt, to launch 20 branches during the next five years, King noted.

On Tuesday, President Sisi stressed in a meeting with Prince William Egypt's aspiration to strengthen bilateral relations with the UK, particularly in the fields of tourism and education, as well as on the economic and commercial levels, by maximizing the volume of British investments in Egypt.

For his part, Prince William stressed Britain's keenness to support Egypt's development efforts in all fields through the exchange of experiences and joint investments. He praised the pivotal role played by Egypt to establish stability in the Middle East and Africa, achieving inter-religious coexistence, and supporting peaceful solutions to crises in the region.

Trade exchange between Egypt and the United Kingdom marked an annual increase of 9.4 percent during the first nine months of 2019, recording £1763.8 million, according to the Egyptian Commercial Office in London.

UK-Africa Investment Summit is the largest annual investment event held for the eighth time outside Africa; it aims to strengthen the partnership between Britain and African countries in order to build a secure and prosperous future for all, in addition to holding large new investments to create job opportunities.

The three-day UK-Africa Investment Summit is held in Britain from Monday to Wednesday. On the sidelines of the summit, British Prime Minister Boris Johnson met with Egyptian President Abdel Fatah al-Sisi, as well as a number of African leaders, the British government said.