British investment in Egypt amounted to about $5.3bln, accounting for 33% of total European investments
Image used for illustrative purpose. Container trucks stand in line on the road due to bad weather in the Mediterranean city of Alexandria, March 30, 2019.
REUTERS/Amr Abdallah Dalsh
By Mohammed Nabil, Arab News
CAIRO: Trade between Egypt and Britain increased 8 percent year-on-year to £519 million ($722 million) in the first quarter of 2021, said Nasser Hamed, director of the EU Administration at the Egyptian Commercial Office.
Egypt’s exports to the UK during the first quarter of 2021 amounted to about £219 million, down 1.8 percent year-on-year, while its imports from Britain amounted to about £300 million, down about 14 percent, according to the Middle East News Agency.
Hamed said British investment in Egypt amounted to about $5.3 billion, accounting for 33 percent of total European investments.
He added that Britain is the third-largest investing country in Egypt after the UAE and Saudi Arabia.
Hamed said despite the impact of the coronavirus pandemic on exports over the last year, Egyptian food exports to Britain surged by about 76 percent to £24 million, consisting mainly of molasses, vegetable oils and fats, chocolate, vegetables, fruits, nuts and spices.
He added that with gross domestic product of about £1.9 trillion and total imports in 2020 of £493 billion, the British economy offers great potential for Egyptian exporters.
Hamed said following Brexit, the terms of the Egyptian-British partnership agreement is the same as those of the European partnership agreement, except for minor differences on issues related to quotas or export seasons for some products such as grapes and strawberries.
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