CAIRO - 23 June 2021: Director of the European Union Department of the Egyptian Commercial Service (ECS) Naser Hamed said the volume of trade exchange between Egypt and Britain increased 8 percent, hitting £519 million in the first quarter of 2021, compared with £481 million recorded in the corresponding period in 2020.
Hamed made the remarks during a seminar organized Wednesday by the Food Export Council (FEC) in cooperation with the ECS and the General Organization for Import and Export Control (GOEIC) on promoting the Egyptian food exports to the UK.
The volume of Egypt's exports to the UK reached about £219 million during the first quarter of the current year, compared to £223 million registered in the corresponding period of the year before, the ECS director noted.
Meanwhile, Egypt’s imports from Britain hit about £300 million during the aforementioned period of 2021, compared to £258 recorded in 2020, he said.
British investments in Egypt hit about $5.3 billion, constituting nearly 33 percent of the total European investments, he said, adding that the UK is the world’s third largest investor in Egypt after the UAE and Saudi Arabia, and the first in Europe.
Despite the negative impacts of the coronavirus on the volume of exports in 2020, Egypt’s food exports to the UK rose by about 76 percent, recording £24 million, compared to £13.6 million registered in 2020, he said.