British Minister praises the government performance and affirms his country’s keenness to increase its investments in Egypt

Investigating advantage of British experiences in alternative energy, green economy, and food industry sectors

After Sharm el-Sheikh conference, promotion campaigns of Egyptian projects and Euro bonds

 Minister of Finance, Mr. Hany Kadry Dimian, confirmed that the British investments as important to develop the Egyptian economy given the advanced and modern technology to be introduced to the Egyptian market. It shall contribute in raising the efficiency of the Egyptian economy, in addition to the diversity of such investments, as they shall be distributed to many sectors and economic activities.

The aforementioned said during the meeting of Minister of Finance and British Minister of State for Middle East Affairs “Tobias Elwood”, in presence of first deputy to Minister of Finance for Institutional development, Dr. Amr Badawy, First deputy to Minister of Finance, Dr. Hanan Salem, deputy to Minister of Finance for International relations and Ministry of Finance’s spokesman, Ambassador Ayman Al-Kaffas, and executive director of the Ministry’s Macro Fiscal Unit, Mr. Yasser Sobhy.

Minister of Finance said that Egypt has potentials, especially in the new and renewable energy sectors which have many investment opportunities for growth and expansion. He referred that the British Prime Minister advisor for energy affairs, a British expert in carbon will visit Egypt in the coming February to investigate how Egypt can benefit from the British experience in this field.    

The Minister added that during the meeting he presented the procedures and projects implemented by the government such as the Suez Canal development project, the golden triangle in South Egypt, and efforts of Million acres reclamation.

As for the economic conference scheduled to be held in Sharm el-Sheikh next March, Minister of Finance said that it is an extremely significant event, within Egypt’s restoration plan in the global investment map. He mentioned that the government prepares several public projects that will be offered by public private partnership system. The projects which shall be presented in the conference will also include projects in river transport, logistics, Energy, and tourism sectors, and infrastructure alongside with major national projects.

He added that the government plans to organize several promotion tours to attract more investments to Egypt after Sharm el-Sheikh’s conference, as well as Ministry of Finance will also organize a promotion campaign for subscription in the Egyptian Euro bonds scheduled to be offered in global markets after the conference.          

The Minister asserted that the government’s interest and focus is to achieve financial and economic stability, and sustainability to restore confidence in the Egyptian economy through a reform vision based on self-capacities of Egypt. The reforms also contain many programs such as developing taxes and customs systems, in addition to economic structural reforms.

Concerning the British delegation visit which is considered one of the biggest British mission during the last 13 months, the Minister of Finance praised the quickly response of the British business community for investment in Egypt, as the delegation shows its interest in visiting Egypt before the economic conference. This will also affirms the increasing confidence of international business community in the Egyptian economic outlook, its promising opportunities, and their confidence in achieving high profits from business in Egypt, through which they can enter markets estimated by 1.6 billion people.

He said that there are many indicators of British companies that shall pump new investments in the Egyptian market, and in various fields beside petroleum and gas sector.    

The British Minister praised performance of the Egyptian government and keenness of Egyptian senior officials to meet representatives of British business community to explain reform and development plans, and government’s view of Egypt’s circumstances, which represents a good message to the International business community. He mentioned that he invited British businessmen to speedily pump more investments in Egyptian projects to benefit from growth and dynamics of the Egyptian economy.

He said that British major 51 company delegation is interested to visit Egypt and find the available opportunities in its markets, especially in retail, mining, and communication sectors.

He added that the British economy is the second European one in terms of volume after Germany, as it distinctly works and the fastest-growing in Europe. We are well qualified to work with Egypt, and support its efforts in development and growth during the coming years.

He said that the program of the British delegation visits provides a suitable opportunity to understand the cooperation capabilities and outlooks with Egypt, and how British investments could support the Egyptian government efforts in development.

The deputy to Minister of Finance for International relations and Ministry of Finance’s spokesman, Ambassador Ayman Al-Kaffas, pointed that the discussion of both Ministers dealt with cooperation potentials between the British side and the Egyptian Ministry of Finance. The British Minister confirmed the big interest of his country to support the Egyptian government efforts to modernize economy, attract many direct investments and achieve sustainable development.

He said that they also discussed how to take advantage of the British experience in various fields, such as food industry, and retail sector, alongside with alternative energy, and green economy, especially in tourism sector, in addition to keep Britain at the top of the country list invests in Egypt.