One of the United Kingdom’s (UK) biggest trade delegations to date visits Egypt to reinforce its position as number one investor.
UK prime minister’s trade envoy Sir Jeffrey Donaldson, member of parliament (MP), and over 40 delegates from British companies arrived in Egypt to visit Cairo and Alexandria to assess new trade and investment opportunities and to identify potential Egyptian partners.
UK trade envoy Sir Jeffrey Donaldson said that this is the first time for a majority of these companies to visit Egypt, showing the UK is putting its money where its mouth is in regard to new business. “2016 saw investments from UK companies reaching over $30bn,” he noted. “And 2017 is already delivering on the UK’s commitment to further deepen cooperation and help support Egypt’s economic growth efforts through increased British investments.”
Meanwhile, British ambassador to Egypt John Casson said that 2017 is a big year for business in both Egypt and Britain to drive economic success. He noted that it is big news that the UK is starting 2017 with three British business delegations in one week bringing new companies into new sectors in Egypt. “We are seeing growing British appetite as Egypt implements its economic reform programme,” he stressed.
Casson noted that this new growth builds on strong foundations, where Egypt and Britain are natural economic partners with $2bn of trade each year and $30.5bn of investment powering the Egyptian economy since 2011.
The delegation includes the Invest Northern Ireland trade mission, whose companies cover numerous sectors, including energy, healthcare, food and drink, environment, waste management, construction, and engineering. Nine other companies, brought in under the auspices of the Egyptian British Chamber of Commerce (EBCC), focused on infrastructure and construction, with regard to trade and investment opportunities in projects such as the New Administrative Capital and the development of the Suez Canal Economic Zone.
Two other missions, organised by Scottish Development International (SDI) and the Energy Industries Council (EIC), addressed the evolving opportunities in the Egyptian energy arena.
The visit coincided with the largest oil and gas event to happen in Egypt, Egypt Petroleum Show (EGYPS), attended by Sir Jeffrey Donaldson as well as Ambassador John Casson and the director for international trade, Jason Ivory.