Egypt’s Minister of Industry and Trade Amr Nassar announced on Tuesday that trade between Egypt and the UK reached $1.3 billion in the first half of 2018.
Nassar said during a meeting with Sir Jeffrey Donaldson, the UK Trade Envoy to Egypt, that the ministry is seeking to raise direct foreign investment in Egypt, stressing the importance of improving trade relations between the two countries.
The Egyptian minister stressed the importance of negotiations between the Egyptian and British governments on the liberalisation of trade in the services sector, which will contribute to starting new investments in the fields of transport, distribution and logistics.
A statement by the Ministry of Industry and Trade said that British investments in Egypt reached $5.6 Billion in 1,450 projects in different sectors in the country, mainly in industry, construction, tourism, communications and technology.
Trade exchange between Egypt and the UK reached $593.22 million during the first quarter of 2018, compared to $414.8 million during the first three months of 2017, the then-minister of industry and foreign trade said in May.
In 2017, the UK ranked 8th out of 14 countries that represent 60 percent of Egypt’s foreign trade exchange with $3.7 billion.
Donaldson affirmed Britain’s keenness to enhance strategic relations with Egypt during the current period following Brexit.
He also said that the British business sector is seeking investment opportunities in Egypt to start new projects that are beneficial for both economies.
Minister Nassar stressed that the Egyptian economy has regained its vitality as one of the most pivotal economies in the Middle East and Africa.
The minister said that the implementation of a comprehensive economic reform programme, strongly supported on the political and popular levels, will contribute to turning Egypt’s economy into one of the most important emerging economies regionally and internationally.
Donaldson arrived in Cairo on Monday accompanied by a British delegation to take part in Egypt’s MENA Innovation 2018 Conference.
A total of 54 exhibitors are featured at the summit, including 14 British companies.
According to a statement by the British embassy, the UK delegation is the biggest foreign delegation participating in the conference, which focuses on education technology and is being hosted by Egypt for the first time.