Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EBCC official says Egyptian Pound flotation encourages British investors in Egypt
Published in Amwal Al Ghad on 28 - 02 - 2017

Britain is seeking to increase the volume of trade exchange and inject direct foreign investments over the upcoming period, Ian Gray, head of the Egyptian British Chamber of Commerce (EBCC), says in an interview with Daily News Egypt.
The Egyptian government has undertaken some economic reforms recently, such as the pound flotation and reducing energy subsidies. What do you think of these decisions and their impact on British investors?
These economic measures have encouraged foreign investors in the Egyptian market and eliminated their fears of investing in it.
How did Britain see Egypt before the flotation decision?
British companies were in a state of anticipation due to what the market was going through with the currency price fluctuations, but after the economic decisions the government undertook at the end of last year, Egypt has become more attractive for direct foreign investment.
Do you expect British tourism to return to Egypt as the return of Russian tourism nears?
I hope May's visit results in the return of British tourism to Sharm El-Sheikh after a halt of a year and a half since the downing of the Russian plane in October 2015.
What is your opinion about the government's trend towards national projects over the past months?
The government's announcement of launching several major national projects, such as the New Administrative Capital and the Suez Canal Economic Zone (SCZone), has enhanced investment opportunities.
What are the most attractive sectors for investment in Egypt?
Chemical and petrochemical industries, in addition to construction, which British companies seek to invest in over the upcoming period.
How do you see the SCZone project?
The project allows Egypt to increase its export opportunities due to its proximity to the ports of surrounding countries. Moreover, it is a suitable area for major projects.
In your opinion, what are the challenges facing Egypt over the upcoming period?
Population growth is the most prominent challenge for Egypt in the upcoming 30 years. The government's efforts to establish the New Administrative Capital will contribute to solving the crisis, which is a burden on the economic reform agenda.
What are the main sectors Egypt is characterised by?
Egypt is distinct in the sectors of telecommunications and information technology. This is why Britain was not looking to invest in this sector over the upcoming period, but rather in chemical and petrochemical industries in addition to construction.
Do you expect the performance of the Egyptian economy to improve over the upcoming period?
I expect the Egyptian economy to improve by the end of 2017. I also expect the rates of foreign investment injection in Egypt to increase, especially after the flotation, which ensures a transfer of profits abroad without losses.
How will the improvement take place?
Egypt has a large number of graduates that must be helped in terms of establishing their small and medium enterprises (SMEs), which contribute to increasing GDP and enhancing economic development.
What is the volume of trade between Egypt and Britain?
It was estimated at £1.16 billion in 2015, with £481 million representing Egyptian exports to Britain, and £682 million representing imports.


Clic here to read the story from its source.