British investments in Egypt hit $5.4 bln – minister

The volume of British investments in Egypt reached $5.4 billion, Egyptian Minister of Trade and Industry  Amr Nassar said on Thursday.

The investments cover 1,567 projects in the sectors of industry, services, constructions, tourism, financing, telecommunications, and information technology, Nassar added.

The minister’s statements came during a meeting with the United Kingdom’s International Trade Secretary Liam Fox, on the sidelines of the World Economic Forum (WEF) in the Swiss Alpine town of Davos, which runs from January 22 to 25.

During the meeting, the two sides discussed means of boosting bilateral trade and investment ties over the coming period, especially as the UK is set to leave the EU in March.

Nassar stressed that Egypt is keen on keeping relations with Britain at the present time and in the event of the UK’s departure from the European bloc.

The trade minister said that he sought information from the British trade minister on the latest developments on Brexit and the UK’s vision for the future of Egyptian-British relations.

Nassar updated Fox on recent economic measures with regard to facilitating investment in Egypt and available projects that British companies could build in the Egyptian market.

In this regard, the two parties stressed the importance of reaching new economic agreements, which in turn could contribute to cementing trade, investment, and industrial ties between the two countries.  For his part, the British trade minister affirmed that his country is keen on continuing relations with Egypt and elevating them to distinguished levels.

Egypt’s stable economy encourages British businessmen to pump further investments in different fields of the Egyptian market, Fox said.

Source: MENA