UK Ambassador: BP to invest $13 billion in Egypt over the next 5 years

UK AmbassadorCairo will receive a new wave of British investments as a business delegation is visiting Egypt in late September to explore new opportunities in the non-oil sector, including infrastructure, health care, railway and ports, British Ambassador to Egypt said Monday.

“Over the past 10 years, the UK companies have invested $43 billion,” Ambassador John Casson said, adding that British Petroleum (BP) will pump $13 billion in investment over the next five years.

On the sidelines of the Euromoney Egypt Conference that kicked off Monday, Casson told Egypt Today that around 70 percent of the delegation will be fresh entries, “looking for opportunities in the Egyptian market, and they will target untraditional projects to create jobs,” he said.

“Over the past 10 years, the UK companies have invested $43 billion,” Casson said, adding that British Petroleum (BP) will pump $13 billion in investment over the next five years.”

The delegation will meet high-ranking officials from the Egyptian government and key market players in different sectors, including the construction sector.

Giving a general overview of the Egyptian economy, Casson said that the Euromoney conference this year is delivering a message that investment in Egypt is ready to boom, and investors and the private sector companies should not let this opportunity go.

Egypt is progressing in its economic reform program and now it reaps the fruits with a pickup in GDP growth rates, investment and tourism, he explained.

“Egypt succeeded in drawing back foreign investors and private sector’s attention, and this should be translated into real investment and massive job opportunities on the ground,” Casson said.

It is the private sector that will enable Egyptians to utilize the economic reform, he said, calling on the Egyptian government to understand the importance of the private sector as a key player in the economy through activating laws and regulations.

On restoring British flights, Casson said that British airlines are already travelling all over Egypt, recording 40 direct flights per week from the UK. “There is a progress that has been made this year in that regard as the tourism nights of UK tourists hiked 63 percent,” he said.

Casson said the UK is in ongoing communication with the Egyptian government to restore flights to Sharm El-Sheikh.

(Source: Egypt Today)

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