UK Says it Will Become Largest Investor in North Africa and Egypt by 2022
The United Kingdom and Egypt strengthen economic ties.
Upon arriving in Cairo on Monday, British minister of trade, Liam Fox, said his country would become the largest investor of the Group of Seven (G7) in North Africa and Egypt by 2022. Adams was quoted as saying that the U.K. fully supports the Egyptian government’s moves toward economic development, across the Arab-African nation.
Fox’s visit is the first since the secretary took office in 2016 and is believed to be a push for more British-sponsored ventures in Egypt. Fox will meet with Egyptian Trade Minister Amr Nassar and Minister of Investment and International Cooperation Sahar Nasr to discuss new investments in Egypt.
During the visit, the British ambassador Jeffrey Adams expressed pride and happiness that the U.K. and Egypt will continue to grow their economies by increasing cooperation between Egypt and the U.K. in terms of education, healthcare and innovation. A statement, released Monday by the British Embassy in Cairo, read that Secretary Fox’s visit comes as part of the U.K.’s continued efforts to expand scopes of investment between the two countries. The statement revealed that new deals in the fields of transport, healthcare and financial services, are being discussed.
Since 2011 British firms such as the CDC group, GlaxoSmithKline, Unilever Group and BP, have invested around $30 billion U.S. dollars in a number of vital projects across the Arab Republic of Egypt, including drug manufacturing, solar energy, financial services and telecommunications.