UK confident about Egypt's investment climate
Egypt-UK, Economics, 3/20/2002

A British official yesterday expressed his country's confidence in Egypt's investment climate. "Britain is the leading foreign investor in Egypt," British Minister of State for Industry and Energy Brian Wilson told members of the British-Egyptian Business Association, and the visiting Scottish Mission for Development of International Energy and Engineering.

Since starting operations here British firms have injected up to $15bn into the oil and natural gas sector, he said.

He pointed out that UK-based oil firms are very interested in opportunities involving Egyptian oil and gas. "Many of these firms are looking not only to supply goods and services to the industry here, but also to explore the possibilities for investment and other forms of operations," he added.

Wilson told the Egyptian government to put in place conditions to encourage and give confidence to foreign investors. "Foreign investors also need well-defined rules applied in a consistent, non-discriminatory manner without undue bureaucracy," Wilson noted.

He shed light on the future of the liquefied natural gas (LNG) industry. "LNG provides diversity of supply and security. Technological developments in this field have driven down costs and Egypt is well-placed to participate in this important and fast developing market," he said.

Britain's message to all oil producing countries, including Egypt, is that producers and consumers are mutually dependent. The minister said that it is up to governments to create conditions under which energy producers can work in as free a market as possible. "Issues such as quantities, prices and guarantees are best left to industry and capital markets," he opined.

Wilson met yesterday with Minister of Industry and Technological Development Ali Saidi to discuss Britain's contribution to Egypt's Industrial Modernisation Programme.

He is also scheduled to meet Prime Minister Atef Ebeid and the Ministers of Petroleum and Energy today.

Previous Stories:
  Egypt's Exports to UK increase by 33%   (2/11/2002)
  UK enlists Egypt as stable market   (12/27/2001)
  Mubarak meets Mayor of London on British investments   (10/15/2001)

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