UK strengthens trade ties with Egypt (29/06/2009)
The UK must continue to forge stronger trade ties with Egypt to maintain its position as the largest foreign investor, Chief Executive of UK Trade & Investment Sir Andrew Cahn said ahead of his visit to Egypt this week.
Sir Andrew said:
“Despite the global slowdown, our bilateral trade figures are at record levels. Exports from the UK to Egypt in 2008 were worth more than £900million – up a staggering 28 per cent on the previous year. Exports from Egypt also increased by 11 per cent to £617 million in the same period.
“The UK is already the largest foreign investor in Egypt, but in this competitive global market we can not afford to be complacent. We already have more than 900 British companies in Egypt, from household names such as BP, BG, Shell and Vodafone to smaller, high tech start-up companies.
“It is vital that we continue to encourage new and innovative business partnerships particularly in advanced technology and vocational training and education.”
Egypt continues to be an exciting and dynamic market for UK companies. Increasingly, it is being seen as a logical base for British companies to expand their business interests across the wider North Africa region.
During his visit, Sir Andrew will meet with HE Rachid Mohamed Rachid, Minister of Trade and Industry, as well as representatives from the General Authority for Investments (GAFI) and the Egyptian British Business Council.
He will also meet with key UK investors including BG Group, Barclays, Rolls Royce and technology company Invensys which has established a joint venture with the Egyptian Ministry of Petroleum and set up a world class engineering centre of excellence in Cairo.
Other sectors offering particular opportunities for UK business and partnerships in Egypt currently include ICT, Education, Ports, Financial Services, Aerospace and Advanced Engineering, Agri-technology and Renewable Energy.
Media Contact:
For further information please contact Susan Grieve in the UK Trade & Investment press office on +44 207 215 4644 or susan.grieve@ukti.gsi.gov.uk
Notes to Editors:
UK Trade & Investment (UKTI) is the government organisation that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information visit the website www.uktradeinvest.gov.uk
Bilateral Trade figures
In 2007, the UK and Egypt had a total bilateral trade of goods and services of £2.5bn (£2,459 million). Egypt was the UK’s 37th largest market for goods in 2008, up three places on the previous year.
Top ten exports from the UK to Egypt 20081
Metalliferous ores & metal scrap £131.4m
Power generating machinery & equipment £98.5m
General industrial machinery & equipment £85.9m
Machinery specialised £60.3m
Vegetable and fruit £40.5m
Other transport equipment £38.5m
Professional, Scientific & controlling INS £36.7m
Miscellaneous manufactured articles £36.3m
Chemicals £35.8m
Medicinal & pharmaceutical products £31.6m
Top ten imports to the UK from Egypt 20081
Articles of apparel & clothing accessories £120.9m
Power generating machinery & equipment £77.7m
Electrical machinery, apparatus & appliances £72.2m
Vegetables & fruit £70.0m
Non-ferrous metals £38.4m
Fertilisers (Other than Group 272) £36.1m
Textile yarn, fabrics, made up articles etc £27.8m
Petroleum, Petroleum Products & Rel. £22.0m
Paper, Paperboard & Manufacturers thereof £21.9m
P/fab Bldgs;Sanit.,plumbling, heating & lighting £13.9m
