20 January 2020

Egypt secures multi-million-pound investment deals with the UK

The British Embassy in Cairo announced new investment deals in a UK-Egypt Joint Statement on Economic Cooperation  on 20 January. Amongst the 27 commercial deals announced in the framework of the UK-Africa Investment Summit in London, great trade agreements were secured by Egypt. These include a £25 million investment by the British fashion retailer Matalan to open 13 new outlets in Egypt and a £5 million investment by GlaxoSmithKline to improve its production lines in the country. The agreements  further consolidate the already established economic partnership between the two countries. The UK has in fact been supporting Egypt in reaching its 2030 national agenda, which is in line with the UN Sustainable Development Goals. During the investment conference, the Egyptian President Abdel Fattah Al-Sisi met with UK Prime Minister Boris Johnson and talked about the necessity of improving trade between the two countries. They also addressed the situation in Libya, after their participation in the Berlin Conference on 19 January, and Johnson emphasised the need for a ceasefire and for UN-led talks to find a political solution to the crisis. Protestors gathered outside the summit’s venue to express their opposition to Al-Sisi’s participation and to UK’s plans to further consolidate its economic partnership with Egypt.

circle graphic