British investments in Egypt worth $26million- GAFI
The economic ties between Egypt and UK are in continuous growth year after year since Britain is the largest non-Arab foreign investor in the Egyptian market.
According to the latest report released by the General Authority for Investment and Free Zones (GAFI), the British investments in Egypt are estimated at US$26 billion besides US$12 billion anticipated to be invested.
Most of Egypt’s exports to UK are products and commodities made by British firms working in Egypt. The products include pharmaceuticals, cosmetics, chemical products, and electrical appliances.
The activities of the British firms working in Egypt are focusing on financial, banking, energy, tourism, telecommunication and information technology fields, the report clarified.
The most prominent British firms that work in Egypt are: British Gas (BG Group), British Petroleum (BP), Shell, Unilever, Cadbury, GlaxoSmithKline, and Vodafone in addition to Barclays and HSBC banks.
On other side, the report noted that the Egyptian British Chamber Of Commerce and the Egyptian British Business Council are playing vital role to enhance and strengthening trade and bilateral economic cooperation between Egyptian and British businessmen.
Part of the investments that Britain has announced during Egypt’s March Economic Summit has been pumped into the Egyptian market notably the fund of Actis that invested around US$300 million in a number of sectors: food industries, power, banks, and e-payment services.
Actis is a multi asset emerging market investor that has a growing portfolio of investments across Asia, Africa and Latin America and US$7.6bn funds under management.
