UK tops non-Arab investors in Egypt
Egypt-UK, Economics, 2/1/2000

Prime Minister Atef Ebeid Monday conferred with Brian Wilson, British Secretary of State for Trade and Industry at Scotland Office, on propelling Egypt-Scotland-Britain trade.

After the meeting, Wilson said that the talks dwelt on economic and trade growth in the Egyptian market and organizing a visit to an Egyptian team to Scotland to brief them on the Scottish market.

Both sides agreed to hold a roundtable meeting to study the relationship between export and attracting foreign investments. The meeting is to look into the possibility of exchanging expertise in food manufacturing, electronics and other industries.

Wilson heads a Scottish international trade mission, made up of 18 businessmen who represent a wide range of industries, from earth-moving and mining equipment to clothing and textiles, a press release issued by the British Embassy in Cairo said.

Wilson said that since his visit to Egypt last year, he felt increasing keenness by President Hosni Mubarak and the Egyptian government to boost trade between Egypt and Britain and to provide a suitable climate to step up volume of British investments in Egypt.

In a press conference held Monday at the British Embassy Chanceries in Cairo, the British guest, who arrived Sunday evening, stressed his country's appreciation of the recent economic boom in Egypt.

He went on to say that his accompanying delegation are fully aware of the progress so far made in implementing economic reform in Egypt, as well as available opportunities for foreign investments in the country.

The prevailing political stability in Egypt helps in stepping up British exports to the country, he said referring to his country's keenness on increasing Egyptian imports to the British market.

He also referred to trade ties between Egypt and Scotland and the progressing cooperation between both sides.

Wilson added that he would probe with Egyptian officials the project for a British university to be set up in Egypt and the latest developments of the Library of Alexandria to which Britain is making a contribution.

He praised the Egyptian privatization program which managed to lure foreign investments. "Britain is ready to exchange viewpoints and expertise with Egypt in this regard since Britain had already privatized its major companies," Wilson said.

British Ambassador in Cairo Graham Boyce told the Middle East News Agency MENA, on the sidelines of the press conference, that the British team will probe investment opportunities in Egypt and increasing trade exchange with Egypt, rated by British financial institutions as one of 37 promising emerging markets.

During its five-day stay, the mission will also visit Alexandria to inspect the works underway in the historical Alexandria Library. In the press conference, Wilson stressed that his country wants to make sure that this library will turn to be better then any expectations.

"Britain is ready to boost this library in all forms possible," he said.

"Next week, another British delegation will visit Cairo," Boyce said. Former British Ambassador in Cairo David Blatherwick, who doubles as the head of the Egyptian-British Chamber of Trade, will lead the delegation, to look for new investment opportunities.

In later developments, Egyptian Supply and Trade Minister Hassan Khedr met with Wilson. After the meeting, Khedr said the coming period will see more trade cooperation between Egypt and Scotland.

On another plane, Merril Lynch, a leading global financial management and advisory company with a presence in 43 countries across six continents, announced that Egypt ranks high among emerging markets in the Middle East and Europe at the investment level, adding that the Egyptian stock market attracts more foreign investments.

According to Merrill Lynch, five countries are rated in the African continent: South Africa, Mauritius, Tunisia, and Egypt and Morocco.

New prospects for Chinese investment in Egypt

Egypt's Ambassador to China Mohamed Noaman Galal said that the volume of Chinese investments amounts to $6.5 billion, most of which is directed to USA and to the West.
He added that the developing countries, with Egypt in the forefront, can attract Chinese investments through devising thoroughly studied economic projects, and providing a suitable investment climate.

Previous Stories:
  Egyptian economy, competent to attract more foreign investments   (1/17/2000)
  Chinese investments up to $40 million   (12/27/1999)
  Egypt backs up UK campaign to reform WTO   (12/7/1999)

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