British investments in Egypt worth 50B pounds sterling

CAIRO – 7 November 2021: British investments in Egypt are estimated at 50 billion pound sterling, according to the British ambassador to Cairo, Gareth Bailey.

Bailey added in a TV interview on Saturday evening that there are more than 2,000 British companies investing in the Egyptian lands, expressing his aspiration to increase those investments.

Regarding the agreement concluded between Egypt and Britain after the Brexit, Bailey said: "It is natural to sign a bilateral agreement between Egypt and Britain after the latter exits the mantle and supervision of the European Union.”

"We are looking forward to investing in technology in Egypt in deeper sectors, especially since Egypt is famous for investing in technology and infrastructure, as well as the renewable energy sectors, wind, solar energy and green hydrogen,” he noted.

On President Sisi’s speech at the UN Climate Summit “COP26” in Glasgow, British Ambassador to Cairo Gareth Bailey said: “We clearly understand President Sisi’s speech at the COP26 summit, and therefore the pledge and promise came by the developed and rich countries to provide the funds amounting to $100 billion to its developing counterpart, and this must be met.”

Bailey added that there is also an important perspective, which is how to encourage the private sector to make investments in the fight against climate change, revealing at the same time the fate of what Prime Minister Boris Johnson pledged about his government's commitment to provide commitments worth 11 billion pounds to help developing countries to develop its energy system.

He considered that the developed countries did not fulfill their pledges to provide their shares of the $100 billion package offered to developing countries annually, saying: "We have to fulfill the promise."

The British ambassador to Cairo noted that his country is witnessing close cooperation with Egypt in the field of transportation, especially monorails, noting that the production line of monorail trains in the new administrative capital and 6th of October is manufactured in the British city of "Derby", and that this monorail will be a symbol of Egypt's future as a superpower in renewable energy.

He pointed out that he saw many changes when he recently came to occupy the position of ambassador to his country, compared to his presence at the beginning of the millennium, saying: "I touched many different things, starting with new cities, passing through the field and scenario of renewable energy, in addition to the network of bridges and roads, and investments."

He pointed out that what matters to the British investor in Egypt is the ease of entry to the Egyptian market, adding: "My role as an ambassador is to reassure British investors and invite both British and European investors in general to think about the available investment possibilities."

Bailey praised the recent measures taken by the Egyptian government, which relate to several important measures in favor of encouraging investment and improving its climate, starting with improving customs procedures by simplifying the procedures for entering foreign products and companies into Egypt through the digitization process.

With regard to the economic reform program in Egypt, Bailey said: "Egypt has succeeded in improving the image of the investment climate and the future in front of the world, and all the ambassadors of the countries to Cairo are now realizing how to succeed in conveying the image and simplicity of investment in Egypt to the outside,” noting that the Egyptian message is that the Egyptian market open to all.