The Egyptian British Chamber Of Commerce (EBCC) said that Britain’s decision to secede from the European Union will result into directing more investments to the Egyptian market in the coming period.
Secretary general of EBCC Taher El-Sherif told Daily News Egypt over the phone from London that Brexit caused a deep rift in the British economy. He expects several companies to relocate from Britain, given they had lost their export benefits to EU states as a result of the referendum.
Britain voted in favour of leaving the EU in a referendum last week.
El-Sherif said that companies that leave Britain will have to search for other countries in the Middle East that give them custom tariff advantages with EU countries. He signaled that Egypt will be their number one destination, considering the EU-Egypt Association Agreements, which provides both parties with tariff exemptions.
He added that the British are likely to seek investing in certain sectors, including renewable energy, retail, information technology, and education. However, companies – especially those with European shareholders – may put their investments on hold for a while until the fog in Britain fades, he noted.