UK biggest overseas investor in Egypt, bilateral trade agreement to be finalized before Dec.31: Trade envoy to Egypt

CAIRO – 12 November 2020: The United Kingdom is the biggest overseas investor in Egypt, UK trade envoy to Egypt Sir Jeffery Donaldson said Thursday. 

Donaldson clarified that his country’s current investments in Egypt recorded $5.5 billion, noting that Egypt Is one of the strongest elements in terms of UK’s trade expansion.

He clarified that UK’s objective is to increase trade volume with Egypt as “Egypt Is one of the fastest growing market in the world and we are recognizing that.”

Regarding Brexit and coming trade agreement with Egypt, Donaldson stated that negotiations are going between both countries and will be announced soon. 

He announced that  the agreement will be finalized before Dec. 31 to have a trade framework for Egypt- UK trade relationship after Brexit.

“Trade agreement will be built on the existing agreement between EU and Egypt, UK trade envoy to Egypt noted in a panel entitled, Future Bilateral Trading Relations, at Virtual Egypt Week attended by ET. 

Donaldson referred to Egypt as the gateway to Africa and a crucial market for the kingdom, recognizing the huge opportunities exist in Egypt.

During his speech, Donaldson also pointed out President Abdel Fatah El- Sisi about investing in the human capital, saying that this is the focus of the coming UK’s investments to be in healthcare system, education and infrastructure to develop the human element.

Moreover, he clarified that most of the UK’s investment in Egypt lies on Oil and gas sector, urging companies to diversify trade and investment in other sectors.

UK trade envoy also clarified that his country centers small and medium enterprises (SMEs), manufacturing and green economy in the coming investments, praising Egypt’s reforms and laws which strengthened that Egyptian economy and the confidence in it. 

Donaldson shadowed light on the the Suez Canal Economic Zone, emphasizing its importance for the entire region.

He added that they are working on marking the SCZone for the companies as it’s an ideal location for them for trading in the entire region.

"Egypt Virtual Week" kicked off on Monday, Nov. 9. It will last for four days till Nov. 12.

Egypt Virtual Week event is organized by the Egyptian British Business Association BEBA and the Egyptian-British Chamber of Commerce (EBCC) in cooperation with the Embassy of the Arab Republic of Egypt in the United Kingdom and the Department of International Trade (DIT).

DIT is a part of the U.K. government that works on helping businesses export and grow into global markets.

The event discusses the green economy file and ways Cooperation between Egypt and the United Kingdom in this regard and deepening trade, economic and investment relations between the two countries.