Recent economic reforms made Egypt investment-magnet country: British min.



Wed, 30 May 2018 - 10:12 GMT


Wed, 30 May 2018 - 10:12 GMT

FILE - British Investment Minister Graham Stuart

FILE - British Investment Minister Graham Stuart

CAIRO- 30 May 2018: British Investment Minister Graham Stuart praised the recent economic reforms carried out by Egypt, asserting that such move made Egypt a country luring investments from various world countries.

The minister's remarks were made on the fringe of his participation in a symposium organized by the Egyptian-British Business Society on Tuesday night.

Stuart said his visit to Egypt and Africa is the first of its kind since he assumed office in January, reflecting his country's keenness on promoting trade exchange and buttressing investments to Egypt in the various sectors.

Egypt is a promising country as per the available investment chances and huge number of population, making it a large market for all world trade.

He pointed out that Egypt's recent economic indexes topped by the rise in growth rate by five percent in 2018, adding that Egypt would rank among the top 15 world economies by 2050.

Britain is seeking to increase its help to Egypt to push forward economic growth rates and explore available investment opportunities to achieve prosperity for the coming generations, he added.

The minister also made it clear that he met with senior officials of the British companies operating in Egypt, topped by BB and Shell to work on pumping more investments to Egypt in the coming period.

He announced that BB decided to pump $10 billion to Egypt in the coming decade, adding that Shell has notably also enhanced its investments to Egypt in the past year.

The minister also said Britain's current investments in Egypt come on the top of foreign investments in Cairo, stressing the importance of the British investments in Egypt especially in the field of education and higher education.

Britain is keen on providing necessary experience to Egypt to reform its education systems, he said, noting that his country's universities ranked among the top worldwide.

The minister pointed out that he came with a strong message of support to Egypt's successes in its economic reform program over the past two years. He asserted his country's backing for the Egyptian government measures to liberalize the economy and lure in foreign investments in a way that help in reducing unemployment.

He noted that Britain's trade volume with Egypt exceeded £3 billion with an increase of 5 percent compared to the previous year.



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