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Brexit will not negatively affect Egypt, UK trade relations: Donaldson - Daily News Egypt

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Brexit will not negatively affect Egypt, UK trade relations: Donaldson

Current trade relations between Egypt and the UK will not worsen, but improve, says UK trade envoy


Britain’s exit from the European Union will not affect trade relations between Egypt and the United Kingdom, Jeffrey Donaldson, the trade envoy of the British prime minister, said in a press release issued by the Council of Ministers on Sunday.

 

The press release follows a meeting that was attended by several Egyptian ministers and Egyptian business leaders as well as the CEO of UK credit bureau Export Finance, Louis Taylor.

 

Taylor said that Britain is ready to provide the proper amount of investments for a number of British projects in Egypt, especially in renewable and non-renewable energy, gas, oil, chemicals, and transportation. Egyptian Prime Minister Sherif Ismail welcomed the statement, adding education to the list of sectors.

 

Ismail also said that Britain’s cooperation with Egypt in revising the scanning process inside Egyptian airports has been beneficial, and that removing the obstacles hindering investors is an important task that the government is looking into.

 

In another statement, Taylor said that the ongoing project of establishing “El Monoreel” train is currently one of the most important projects available for investment in Egypt, and that it being environment-friendly is a plus. In a press release issued by the British embassy, Taylor added that the UK is a “global leader” in transport and infrastructure, for which Egypt has a great demand.

 

Donaldson said in the embassy’s press release that many British companies want to “do business in Egypt, and their interest highlights the significant opportunities that are available across a range of Egyptian commercial sectors”.

Taylor promised in the embassy’s press release that UK Export Finance “can underwrite prospective UK-Egyptian trade deals with up to £500m in financing or insurance”. With this amount of investments, Egypt will have access to “world-class” goods and services that British companies provide, Taylor added.

According to the embassy’s press release, British ambassador John Casson said that the UK is “committed to helping Egypt build a strong, dynamic economy that provides jobs and opportunities for all Egyptians”.

Casson added that the current trade volume between Egypt and the UK has exceeded £1.5bn, making it one of the main foundations of Egyptian-British relations.

The ministers of trade and industry, military production, investment, and petroleum also participated in the meeting.

Topics: Brexit Egypt trade UK

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