UK investments in Egypt reached $21.5B: Trade Minister



Tue, 26 Sep 2023 - 02:53 GMT


Tue, 26 Sep 2023 - 02:53 GMT

CAIRO - 26 September 2023: Minister of trade and industry, Ahmed Samir, stated that United Kingdom (UK) is the largest foreign investor in Egypt with total investments of $21.5 billion, in a result of increased volume of trade exchange between Egypt and UK by 44.7 percent.

In the framework of strengthening bilateral relations between Egypt and UK, Minister of Trade and Industry, Ahmed Samir, meets the British Prime Minister's trade envoy, Jeffrey Donaldson, to Egypt.

The rates of trade exchange between Egypt and UK have witnessed significant progress recently, as the volume of trade between the two countries reached almost GBP 3.4 billion in 2022, compared to GBP 2.3 billion in 2021. In addition to that, the Egyptian exports to UK increased by 83 percent to record GBP 1686 million in 2022, compared to GBP 921 million in 2021, according to minister of trade and industry, Ahmed Samir.

Samir pointed out that Egypt recorded a surplus in its trade balance with the UK for the very first time in 2022. The surplus amounted to GBP 57 million, marking a notable shift from the previous year when Egypt experienced a trade balance deficit of GBP 448 million with the UK.

During the meeting, Samir emphasized the exploration of various avenues to strengthen cooperation between the two nations in key areas such as food security, encompassing agriculture, food industries, and agricultural manufacturing. Additionally, discussions revolved around initiatives related to drug security, which encompassed the drug industry, pharmaceutical preparations, medical supplies and devices, as well as healthcare. Moreover, the meeting delved into the prospects of collaborating on modern construction technology projects.



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