CAIRO: President Abdel Fatah al-Sisi will meet with British Minister for the Middle East and North Africa Tobias Ellwood and a U.K. business delegation Thursday, according to a presidency statement.
Sisi and will meet the British minister at the presidential headquarters accompanied by a U.K. business delegation representing 46 British companies operating in the fields of retails, infrastructure, construction, and energy, added the presidency.
Members of the British Egyptian Business Association (BEBA) will also attend the meeting.
Ellwood and the delegation sailed on the Egypt’ new Suez Canal Wednesday, the first foreign delegation to do so.
“With over £20 billion set to be invested over the next 15 years, the Suez Canal Development Project represents an enormous opportunity for Egypt and for British companies. It is my hope that some of the British companies with me today will be able to do business here and bring their great British expertise to make this project a success,” said Ellwood in a statement released by the British Foreign Ministry.
The BEBA is expected to visit the U.K. in June to explore investment opportunities in Egypt, after participating in Egypt’s economic conference scheduled in March, Ellwood said.
Total British investments in Egypt surged to $5.1 billion during the past FY (2013/14,) marking an increase of 28 percent compared with $4 billion a year earlier, Prime Minister Ibrahim Mahlab said at a press conference with the BEBA and the U.K. trade delegation Tuesday.
Mahlab invited British investors to participate in Egypt’s upcoming Economic Summit that is due to be held March 13- 15 in Sharm el-Sheikh. The Economic Summit will witness the launch of “The 4-Year Investment Program” which will highlight potential investments in Egypt.