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British companies increase their investments in Egypt

The Minister of Investment and International Cooperation Dr. Sahar Nasr met with several major British companies investing in Egypt, in presence of Chairman of the British-Egyptian Business Association (BEBA) Mr. Khaled Nosseir and officials from the British Embassy in Cairo. Directors and representatives from the companies of Vodafone, Carillion, Actis, GlaxoSmithKline and HSBC took part in the meeting.

The Minister welcomed the British companies investing in Egypt, while referring to her aspirations to increase the volume of British investments in Egypt which had reached up to USD 43 billion during the past 10 years. She ascertained that Egypt was an open market to the expansion of British investments.

The Minister also indicated that MIIC worked on improving the investment environment and eliminating bureaucracy, emphasizing that the new Investment Law provided several incentives that can benefit British investors in Egypt. She further mentioned that the Investors Call Center was launched with hotline 16035 to reply to investors’ inquiries, adding that investors could now finalize procedures online.

In addition, MIIC worked on developing an investment map, including various investment opportunities for Egyptian, Arab and foreign investors, in coordination with the remaining ministries, in line with Egypt’s vision to achieve the SDGs, indicated the Minister. The investment map, added the Minister, would showcase real investment opportunities based on the analysis of value chains and local sources in all sectors and governorates as well as opportunities of setting up major projects and SMEs.

The Minister reiterated that genuine support was given to the private sector to further participate in the development process and in the implementation of the economic program, asserting that the state was serious about supporting investors. She noted that the government gave priority to the private sector’s participation in the development process through participation in the implementation of major national projects, topped by the Suez Canal Development project which aims to maximize benefit from the massive potentials of such promising area through rendering it a global hub for navigation and logistic services, besides establishing a number of new cities, including the New Administrative Capital.

The British companies expressed their desire to increase their investments in Egypt during the upcoming period, following the President’s ratification of the Investment Law, while commending the improvement of Egypt’s investment climate.

Mr. Amr Mamdouh, Chairman and Managing Director of GlaxoSmithKline, pointed out that his company’s investments in Egypt amounted to USD 800 million, while Eng. Ayman Essam, Vodafone’s Director of Legal and External Affairs, clarified that his company increased its investments by EGP 2 billion during the past year.

On his part, Mr. Khaled Zaki, Country Manager of Carillion, mentioned that his company’s investments in Egypt reached up to USD 1 billion. On the other hand, Ms. Engy Khalaf, Finance and Administrative Manager at Rockhopper Exploration PLC, stated that her company invested approximately USD 100 million in Egypt.

Further, HSBC’s representative emphasized that the Bank considered Egypt one of the most important growth markets on the global level and it had a branch in Egypt since over 35 years. He added that HSBC was committed to a long-term investment plan for the growth of its business in the Egyptian market.

Mr. Sheriff El Kholy, Egypt Director at Actis, said that the volume of his company’s investments reached up to USD 750 million, noting that Lekela Power, affiliated to Actis, would inject USD 400 million in the project for establishing 250 MW wind farm in the Gulf of Suez.

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