CAIRO: British Minister for the Middle East Tobias Ellwood met Thursday with President Abdel Fatah al-Sisi and confirmed Britain’s support for Egypt, according to a statement from the British Embassy in Cairo.
The meeting concludes Ellwood’s 3-day visit to Egypt where he led a U.K. trade delegation, which was the largest to Egypt in over 10 years, according to the embassy statement.
Ellwood and the delegation sailed on the Egypt’ new Suez Canal Wednesday, the first foreign delegation to do so.
“This week I led a trade mission of over 40 British companies to Egypt to increase investment and trade between our two countries. Increasing British exports and trade is a key part of our long-term economic plan that will help support jobs and growth, said Ellwood.
He added: “It is also evidence of the active, concrete support that the U.K. is offering to build a more secure, prosperous, and democratic Egypt founded upon a strong, dynamic economy, which creates jobs and opportunities for all Egyptians.”
The minister welcomed the recent economic reforms adopted by the Egyptian government. “I have been impressed by the vision of economic reform set out by the Egyptian government and Britain stands ready to help implement reforms that make Egypt a more attractive place for investment as well as ensure that economic growth benefits all Egyptians,” he added.
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 British Egyptian Business Association (BEBA) and the U.K. trade delegation Tuesday.
Ellwood urged the Egyptian government to take more steps on political reform, “which must go hand-in-hand with economic reform to ensure long-term stability.”
Egypt’s Prime Minister 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.