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UK to boost investment into Egypt post-Brexit

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The United Kingdom is seeking to deepen economic ties to a number of African countries, with Egypt among those benefiting from a swiftly-agreed post-Brexit trade deal.

The two nations already boast a healthy economic relationship. In 2020—despite a dramatic drop in trade as a result of the Covid-19 pandemic—British exports to Egypt totalled £2.3 billion, with the Egyptians exporting £1.3 billion to the United Kingdom in return, according to the UK Foreign Office.

RELATIONSHIP BUILDING

In addition, the UK ranks first in the world for direct foreign investment in the Egyptian market, investing $5.4 billion in 1,1630 companies, the majority of which operate in the industrial sector.

With the IMF predicting high growth rates for the Egyptian economy, the British government is eager to encourage more investment in the country, with education, energy, electricity and healthcare among the areas most considered by UK companies.

The UK and Egypt signed a cooperation agreement in December, largely to ensure continuity of trade between the two countries after the end of the Brexit transition period.

Although the agreement focuses on industrial products, agricultural products, food products and fish, it has also ensured UK companies are able to continue investing in Egyptian infrastructure, industry and real estate.

EGYPT IS ATTRACTIVE TO INVESTORS

Egypt’s heavy recent investment in infrastructure is making the country an attractive destination for foreign investors, bolstered by heavy real estate demand from the country’s fast-growing population—now over 100 million. Major projects like the New Administrative Capital, part of the country’s ambitious “Egypt Vision 2030” demand substantial foreign direct investment. UK investors and companies will certainly be among those keen to take advantage of growing industrial real estate in particular.

Indeed, according to the Egyptian Businessman’s Association, real estate investment and urban development account for 16% of Egypt’s GDP, and the sector is set to receive significant foreign direct investment over the next 15 years. The new agreement between the UK and Egypt will ensure British investors are well-positioned to take advantage of this growth.

 


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