Ashraf Aboarafe
26 January 2021, CAIRO – To mark the anniversary of the UK-Africa Investment Summit held in January 2020 in London, the UK’s Department for International Trade (DIT) at the British Embassy in Cairo organised a virtual British Investors Forum (BIF), bringing together key British investors with Egyptian government officials to promote investment and economic growth between both countries.
The forum, which introduced British investors to the Egyptian government’s strategic projects and economic priorities in 2021, also explored possible avenues for business continuity and collaboration with the Ministry of Planning and Economic Development.
More than 40 attendees joined the event, including British Ambassador to Egypt Sir Geoffrey Adams, Egyptian Minister of Planning and Economic Development Dr. Hala El-Said, who provided an overview of Egypt’s current business environment and the ministry’s strategic initiatives, and UK Trade Envoy to Egypt Sir Jeffrey Donaldson, who gave insight into the UK’s trade priorities in Egypt. Leading figures from BIF members, including Vodafone, Actis and Matalan, also took part in the discussion, sharing details of investment activities from the previous year, and their plans for 2021.
British Ambassador to Egypt Sir Geoffrey Adams said:
“As we build back better from Covid-19, it’s more important than ever to strengthen our trade relations with Egypt, and to promote business opportunities for UK investors in the Egyptian market. We are delighted to have Her Excellency Dr Hala El-Said share Egypt’s economic vision for 2021, and we all look forward to a more prosperous year ahead.”
During her speech, Dr. Hala El-Said expressed the Egyptian government’s keenness to maintain and expand British investment in Egypt. She said that the Egyptian state had followed a proactive strategy in dealing with the Coronavirus pandemic, taking all necessary measures to mitigate the negative effects of the crisis on the groups most affected, and noting that the plan aimed at achieving a balance between preserving citizens’ health and maintaining economic activity.
As for Egypt’s economic indicators, El-Said confirmed that during the first three quarters of the previous fiscal year and before the outbreak of the pandemic, Egypt managed to achieve a growth rate of 5.4%, and was on track to reach 6%. The government implemented many reforms throughout the first phase of the national economic and social reform program since November 2016, which led to the achievement of macro stability and inclusive growth, reflected in these positive indicators.
The representative from Matalan discussed their debut opening of three new stores in Egypt, with an additional 12 planned to open in coming years. The new openings will create over 500 new jobs, and Matalan, which has had a long history of sourcing products in Egypt, will continue to grow its investment in local sourcing of both apparel and home product lines for both its large UK business as well as its local stores.
Also addressing the BIF was Dr. Sherif Elkholy, Actis Partner and Head of MENA, who reiterated his firm’s commitment to continue investing at scale in Egypt.
“Notwithstanding the disruptive impact of COVID-19 on the market, Actis continued with its expansion plans in Egypt, continuing to support its investee company Lekela Power’s 250MW West Bakr Wind Farm Project in the Gulf of Suez ,which is a circa US$ 350m project, as well as continuing to support expansionary investments in its investee companies in both the healthcare and financial services sectors.”
In addition, Vodafone presented on their recently announced £400m investment to expand their network spectrum. The company has also made a strategic decision to remain a British majority owned subsidiary in Egypt.
Other participants included representatives from BP, Shell, Bombardier, AstraZeneca, HSBC and other BIF members, as well as the Egyptian General Authority for Investment (GAFI), and British companies interested in the Egyptian market, including Bechtel and Dartmouth.
