UK contributes by $5.4B to Egypt's FDI

CAIRO – 12 November 2020: The United Kingdom is ranked first in the world in terms of the contribution to foreign direct investment in the Egyptian market through 1630 companies with investments amounting to $5.4 billion till september 2020, Deputy of Minister of Trade and Industry and Head of the Commercial Representation Authority Ahmed Maghawry stated on behalf of the minister.

Maghawry clarified that most of the UK’s investments are concentrated in the industrial sector, especially in oil and gas.

Maghawry delivered Nevine Gamea’s speech on a panel entitled, Future Bilateral Trading Relations, at Virtual Egypt Week, and attended by ET.

He stated that the current stage represents an important turning point in the history of the Egyptian-British bilateral relations, especially with the Brexit and the beginning of new bilateral trade and investment relations with the world to make the United Kingdom one of the most important trading partners of Egypt at the global level.

“Egypt and the United Kingdom are linked to strategic economic relations based on a long history of joint cooperation in various commercial, industrial and investment fields, he added, pointing to the interest of the political leadership in the two countries in promoting joint economic cooperation with the aim of achieving a qualitative leap in the rates of intra-trade and increasing investment projects for companies British in Egypt, especially in the post-Brexit period.

He also indicated that the Egyptian state is looking forward to pumping more British investments into the Egyptian market during the coming period, pointing to the government's full confidence in the British business community to play a pivotal role in transferring advanced British technology and industrial expertise to national industries.

Maghawry explained that the British market represents the most important export market for a large number of Egyptian commodity items due to the competitive advantages and acceptance of these products by the consumer in the United Kingdom, especially after the entry into force of the trade partnership agreement between the two countries, which is expected to be signed soon.

“Trade exchange between the two countries reached £ 2.14 billion in 2019, compared to £ 1.96 billion in 2018,” he noted.

UK trade envoy to Egypt Sir Jeffery Donaldson participated in the panel where he said that the United Kingdom is the biggest overseas investor in Egypt.

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.

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.

"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.