"One of the UK’s biggest trade delegation to Egypt to date"​, British Ambassador to Egypt, John Casson. Also present, UK trade envoy to Egypt, Sir Jeffrey Donaldson MP. "One of the UK’s biggest trade delegation to Egypt to date"​, British Ambassador to Egypt, John Casson. Also present, UK trade envoy to Egypt, Sir Jeffrey Donaldson MP. Gerald La Touche JP, MA, MIEx

British Trade Delegation Arrives in Cairo Featured

Business & Economy / Monday, 12 February 2018 06:15

In continuation of what is viewed as post “Brexit strategy”, a trade delegation representing over 50 British companies arrived at the Egyptian capital Cairo on Sunday to explore ways of boosting   trade between Great Britain and Egypt. The trade team, described by officials of British embassy in Cairo as “easily he biggest British trade delegation in the country in almost two decades” has Jeffrey Donaldson, United Kingdom’s Trade Envoy to Egypt as leader. 

Prospects for collaboration with Egyptian enterprises involved in oil-and-gas, education, construction and medical sectors of Egypt’s economy will be closely studied by the British team, in course of the visit. The visiting delegation comprises representatives of  Bombardier, Fujitsu, Mott MacDonald,GSK and a number of  British brands hoping to expand operations into the Egyptian market for the first time are part of the visiting delegation.  The team also includes thirty-three  companies representing Scottish Development International, six from the Energy Industries Council, fourteen companies from the transport and healthcare sector, and four companies focused on opportunities in the education sector.

Estimated value of trade between the two countries in 2016 was 1.69 billion EUR, while British investments in Egypt was valued at 30.10 billion EUR in 2011,  making the UK, Egypt’s largest foreign investor.  Playing up what is considered a relationship set on stable foundation, Mr. Donaldson praised President Egypt’s Abdel Fatah al-Sisi economic reform programme, in a message delivered to his hosts, upon his delegation’s arrival in Cairo on Sunday. He described Egypt’s  economic reform program on in 2016, which includes tax increases, subsidy cuts and loosening capital control, as a move in the right direction. According to him, “What we are witnessing today, is an Egypt that is reaping   benefits of its recent reforms, with growth in exports and a new wave of foreign investment …it’s exciting to see so many British companies looking to invest here in order to do just that,” he said. 

The leader of the UK team will remain in Egypt for almost a week also indicated his country’s preparation to support Egypt  “through a new fund to support Egyptian start-ups.”

Afrika247


 

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