2024/09/08

Ministry of Investment: Cumulative British investments reach $21.5 billion until last June

Engineer Hassan Al-Khatib, Minister of Investment and International Trade, held an extensive meeting with John Humphrey, the British Trade Commissioner for Africa, and his accompanying delegation. The meeting focused on ways to enhance trade and investment relations between Egypt and the United Kingdom.

The minister emphasized the significance of the economic ties between Egypt and the United Kingdom, underscoring the UK's status as one of Egypt's foremost trading partners. In 2023, the bilateral trade exchange between the two nations reached an impressive value of approximately 2.8 billion British pounds. Moreover, the cumulative value of British investments in Egypt as of last June amounted to a substantial 21.5 billion US dollars, concentrated in key sectors such as petroleum, financial services, communications, and industry.

Al-Khatib announced an upcoming visit to Britain to meet with government officials and businesspeople. The visit aims to inform the British business community about the latest developments in economic reforms and investment opportunities available to British investors, particularly in the sectors of green technology, digital economy, renewable energy, and logistics. It also aims to introduce the business community to the advantages of the Egyptian-British Partnership Agreement and opportunities to benefit from it.

Furthermore, the minister outlined the Ministry's strategic vision and comprehensive work plan across various domains. He underscored the government's unwavering commitment to implementing effective measures that foster and stimulate investments in all sectors, while concurrently providing investors with comprehensive support and facilities.

Humphrey expressed enthusiasm for the impending visit of Engineer Hassan Al-Khatib to Britain, noting that meticulous preparations are underway to ensure the visit yields maximum benefits. He underscored the new British government's keen interest in fortifying investment and trade relations with Egypt, highlighting the substantial opportunities available for British companies to capitalize on their presence in the Egyptian market as a strategic platform for expanding into the broader African markets.

A roundtable meeting was convened, bringing together representatives from the General Authority for Investment and Free Zones, the Suez Canal Economic Zone, the New Administrative Capital Company, and the Commercial Representation. During this meeting, participants explored the diverse investment opportunities and fields available to British companies in Egypt, while also delving into the comprehensive incentives offered by the Egyptian government to attract and support foreign investors.

The meeting was attended by Gareth Bayley, the British Ambassador to Egypt, Hossam Heiba, Chairman of the General Authority for Investment and Free Zones, and Commercial Counselor Yahya Al-Watheqbellah, Head of the Commercial Representation Authority, in addition to a number of officials from the ministry.