UK trade envoy to Egypt Sir Jeffrey Donaldson arrived in Cairo on Saturday, heading a delegation of 14 British companies, including Rolls Royce, Bombardier, and London International Patient Services.
The delegation will be exploring new opportunities to do business in Egypt, in sectors including infrastructure, defence, healthcare, and agriculture. 70 percent of the companies involved are new to doing business in Egypt.
They will be meeting with Egyptian ministers, including Prime Minister Sherif Ismail, Investment Minister Sahar Nasr, Housing Minister Moustafa Madbouly, Trade Minister Tarek Qabil, Transport Minister Hesham Arafat, Oil Minister Tarek el-Molla, and finally Mohab Mameesh, Chairman of the Suez Canal Economic Zone.
They will also be visiting the new administrative capital to discuss opportunities for investment with Chairman Ayman Ismail.
The UK is already Egypt’s number one foreign investor, with $43 billion of inflows this decade and over 1,450 British businesses active, according to a statement released by the UK embassy in Cairo.
Recent months have seen further growth, with British manufacturer SEWS opening a new factory last August and British telecommunications giant Vodafone allocating 2 billion Egyptian pounds on expansion this year alone, the statement read.
The UK is also a major investor in Egypt’s oil and gas sector. Oil company BP’s investment in Egypt in 2016 surpassed its investments in any other country.
“The recent reforms that have been implemented have brought about stronger economic growth in Egypt and this has heightened the interest of British companies in doing business with Egypt.” said Jeffery Donaldson.
“Investors’ attention has been captured. As Egypt’s economy sees the first fruits of reform, there are golden opportunities to do business here.” British Ambassador to Cairo John Casson said.
“The private sector is the champion of the next period, as the Government works to build a free, fair and open economy for all Egyptian men and women.” Casson added.