14th March, 2019
A successful Opportunities in Egypt business seminar was hosted by the Arab British Chamber of Commerce on 14th March.
Organised in cooperation with the Embassy of Egypt in London and the Egyptian-British Chamber of Commerce (EBCC), the event attracted business executives and investors from a broad array of industries. The ABCC partnered with UK Export Finance, the UK government’s export credits agency, in the preparation of the event.
In his welcoming remarks, ABCC CEO & Secretary General, Mr Bandar Reda, described Egypt as a unique market that acts as a bridge between Europe, Africa and the Middle East. He urged people to visit to ABCC’s website and to sign up to attend the Arab British Economic Summit due to be held on 3rd July.
Mr Ian Gray, OBE, EBCC Chairman, chaired the discussion in the absence of Rt Hon Baroness Symons. The ABCC was honoured by the participation of H E Mr Tarek Adel, Egyptian Ambassador to the UK, and by the presence of H E Mr Ibrahim F Mohieldeen, the Ambassador for the League of Arab States in London, who was among other senior officials and dignitaries present.
H E Mr Tarek Adel, the Ambassador, stated that relations between the UK and Egypt were developing rapidly reflected in the numerous trade missions and high level delegations that had taken place since he assumed his post last year. He mentioned delegations on education, investment and finance including a visit by the London Stock Exchange to the Egyptian Exchange and Prime Minister Theresa May’s attendance of the Arab-European summit in Sharm El Sheikh. The Ambassador described Egypt as one of the most promising emerging economies in the world. Opportunities were growing as a result of the major projects that Egypt had embarked upon, such as the Suez Economic Zone, the new administrative capital in Cairo and the Golden Triangle mining development.
Ian Gray delivered a detailed overview of the market during which he identified opportunities for UK firms in infrastructure, education, healthcare and export oriented manufacturing. The financial services industry in Egypt was a growth area with expansion occurring in microfinance, insurance and capital support facilities for entrepreneurs. Mr Wedad Kurugky, Export Finance Manager, UK Export Finance, remarked on the attraction of Egypt to investors and said that it had a lot of potential for investors. He mentioned the strength of the Egyptian banking industry reflected in the presence of the IFC, EBRD and World Bank in the country. Mr Kurugky explained the role of UKEF as acting as an interface between the business community and the UK government’s financial support for the private sector firms seeking to win contracts and fulfil export orders overseas. UKEF support was extended to firms exporting goods as well as firms providing services to overseas clients.
Sir Jeffrey Donaldson MP, the UK Trade Envoy for Egypt, described himself as a great enthusiast for Egypt. The country was an important base for UK firms looking to do business in Africa, the Middle East and the southern Mediterranean. Sir Jeffrey mentioned skills based education, construction and transport as some of the key areas where UK investors should look to play a strong role. Healthcare offered the opportunity for strategic partnerships while the mining sector was opening up to foreign investors. Egypt’s reforms were making it easier to invest and do business in the market, he observed.
Mr Matthew Shires, Managing Director, Eurofinsa UK ltd, provided a case story of a success story of a UK-based company operating in the Egyptian market. Eurofinsa, with a record in the execution of civil projects and turnkey Engineering Procurement and Construction (EPC) projects, was beginning a new hospital construction project in Egypt. The presentations were followed by questions from the audience on issues such as taxation, visa costs, support for SMEs and opportunities in other areas such as the food industry. The event concluded with a reception.Back To 2019 Gallery