The current phase is a turning point in the history of bilateral relations between Egypt the UK, especially in face of Brexit that paves the way for the UK to establish fresh trade and venture relations across the world, Egypt’s Minister of Trade and Industry Nevin Gamea has said.
Gamea's statements were delivered to a virtual panel held Thursday, addressed on behalf of the minister by head of the Egyptian Commercial Service Ahmed Maghawry, as a part of Egypt Week in the UK virtual event that kicked off Monday.
Gamea disclosed that the UK is the top country for Egypt regarding the volume of foreign direct investment (FDI), with total investments worth $5.4 billion focused on the industrial sector.
“Egypt’s government is eager to boost relations with the UK’s business community, by which enhancing the commercial and venture cooperation between the two countries in the coming period. Also, we are looking forward to expanding bilateral cooperation in Africa, especially with the unprecedented political support that Egypt is paying to the continent. This will be a potential that can be tapped for Egypt’s exports to access the African market in light of the African continental free trade agreement (AfCFTA),” said Gamea.
Gamea also noted that the UK is the most important market for Egypt’s exports due to their competitive advantage and amid the Egypt-UK trade agreement that is expected to come into force by the end of 2020.
In this regard, the minister said that trade exchange between the two sides increased to £2.14 billion in 2019, up from £1.9 billion in 2018.
The minister highlighted the economic and structural reforms that Egypt has adopted and that aim at achieving stable economic growth in light of Egypt’s Vision 2030 that targets placing Egypt among top tier countries globally, in economy and social development. Find more...
Source: Online/SZK
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