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UK investments in Egypt reached $21.5B, says Trade Minister

Trade exchange rates between Egypt and the UK have recently significantly improved, reaching almost GBP 3.4 billion in 2022.
27.09.23 | Source: EgyptToday

According to Egypt's Minister of Trade and Industry, Ahmed Samir, the United Kingdom (UK) is currently the largest foreign investor in Egypt, with total investments reaching $21.5 billion. This comes as a result of a 44.7 percent increase in the volume of trade exchange between Egypt and the UK. Samir recently met with Jeffrey Donaldson, the British Prime Minister's trade envoy to Egypt, in efforts to boost bilateral relations. In 2022, the trade volume between the two countries reached GBP 3.4 billion, marking a significant rise from GBP 2.3 billion in 2021. Egyptian exports to the UK also saw a robust growth of 83 percent, reaching GBP 1686 million in 2022 from GBP 921 million in the previous year. For the first time in history, Egypt recorded a surplus in its trade balance with the UK in 2022, amounting to GBP 57 million. This was a significant shift from a trade balance deficit of GBP 448 million in the previous year. During the meeting, discussions revolved around strengthening the cooperation in areas like food security, drug security, and modern construction technology projects amongst others.