CAIRO: The Egyptian government has a “great opportunity at Sharm el-Sheikh to demonstrate a clear plan and that it is taking concrete steps to reform the economy, “including cutting bureaucracy, removing obstacles to foreign investment and making sure that economic growth benefits all Egyptians by creating jobs and opportunities,” a spokesperson for the U.K. Embassy in Egypt stated Thursday.
The spokesperson told Youm7 via email that “reforms are vital for the long term success of the economy”, adding that Britain is the number one source of foreign direct investment in Egypt (almost 50% in the 2013-14 financial year, according to the Central Bank of Egypt).
The embassy added that the British investments “are permanent and (have) a committed presence in Egypt.”
The spokesperson said Foreign Secretary Philip Hammond will lead the British delegation in EEDC along with other members such as Bob Dudley (CEO of BP), Sami Iskander (Chief Operating Officer of BG) and Sir Hugh Robertson MP (who was a government minister responsible for day to day delivery of the 2012 London Olympic Games.)
BP announced recently that they signed a deal to invest another $12 billion in Egypt to fund the West Nile Delta project. This is the single largest investment in Egypt’s history, and investors hope gas produced at the West Nile Delta project will dramatically increase Egypt’s much-needed energy supply.