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Egyptian Minister of Trade and Industry Meets British Trade Envoy to Egypt, Accompanying Delegation
Source: 2/13/2018

Brexit will not affect the flow of goods, services and investments between the two countries.

Minister of Trade and Industry Tarek Kabil met today with British Trade Envoy to Egypt, Sir Jeffrey Donaldson, who is visiting Egypt for a five-day visit, heading up the largest British trade delegation in nearly two decades. The meeting was attended by British Ambassador to Egypt John Casson. “Egypt is keen on bolstering its ties with the UK, especially in light of Brexit, which we see as a great opportunity for deeper cooperation between Britain and the African continent, and most particularly Egypt,” Kabil said.

He stressed that Brexit will not affect the flow of goods, services and investments between the two countries.

“This is the largest trade delegation I have brought to Egypt, and is a very encouraging sign of the vast potential British companies are seeing in investing in Egypt’s future,” Donaldson noted.

“We’re seeing Egypt reaping the benefit of recent reforms, with a new wave of foreign investment and exports rising,” Casson remarked. Kabil also held an enlarged meeting with the accompanying delegation of 15 companies in the sectors of oil and gas, education, infrastructure and health. The meeting explored the investment opportunities available in the Egyptian market.

The minister asserted that the government spares no effort to remove the obstacles facing British companies working in Egypt, noting that the UK is one of the top investors in the Egyptian market, with total investments standing at $5.6 billion in 1,450 projects.

“With an extensive network of global free trade agreements, Egypt is a 1.8-bln consumer market that is expected to rise to around 2.2 billion and 2.6 billion consumers with the finalization of the FTA with the Eurasian Economic Union (EEU) and the Tripartite Free Trade Area (TFTA) respectively,” Kabil highlighted.

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