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Wednesday, 13 November 2019

UK companies to increase investments in Egypt's education, health care sectors

Doaa A.Moneim , Wednesday 2 Oct 2019
(Photo: https://www.facebook.com/MIICEgypt/)
(Photo: https://www.facebook.com/MIICEgypt/)
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A group of British companies visiting Egypt for an official investment forum have announced that they will inject further investments into education, health care, renewable energy and transportation projects in the country, a statement from the Egyptian investment ministry read.

Investment and International Cooperation Minister Sahar Nasr said that Egypt is eager to maximise cooperation with the UK, given the promising investment opportunities in the Egyptian market, and called on British companies to increase their investments in Egypt which have reached $47.8 billion through 1,871 companies.

She was speaking during a meeting on Wednesday with representatives of 15 British companies on the sidelines of the first British Investors Forum, which was organised by the British embassy in Cairo.

She said that Egypt is calling on investors and international corporations to boost infrastructure projects in Africa and stimulate the private sector to play a role in this regard, and make use of the promising investment opportunities on the continent.

"Egypt's government believes that the private sector is key engine of economic growth and has thus undertaken legislative reforms, paving the way for a suitable business atmosphere," Nasr said.

British Ambassador to Egypt Sir Geoffrey Adams noted that the UK is the biggest investor in Egypt.

The British companies also praised the economic reform efforts which have been taken by Egypt's government under the leadership of the President Abdel-Fattah El-Sisi, including improving infrastructure, the statement read.

The chairman of Egyptian British Chamber of Commerce, Ian Gray, said that the chamber publicises the success of British companies operating in Egypt to encourage other British companies to invest in the country, adding that Egypt is a significant investment destination due to its large market and promising investment opportunities, like the national mega-projects.

The managing director of Unilever Mashreq, Ashraf Bakry, said that his company has succeeded in doubling its exports due to the economic reform program that Egypt has adopted, and said that the launching of the African Continental Free Trade Area would create significant opportunities for British investments in Egypt to increase via exporting to African markets. 

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