World news story
Three new investments strengthen UK support to Egypt
Three new investments strengthen UK support to Egypt as Number 1 Investor.
Since 2011, Foreign Direct Investment inflows from the UK have amounted to USD30 billion On Tuesday 8 November British Ambassador to Egypt John Casson attended the inauguration of GlaxoSmithKline’s newest liquid line in Egypt, an EGP65 million investment that will produce essential, low-cost medicines for Egyptian patients.
This is delivering on the company’s 2013 pledge to expand its local investments over the course of four years to upgrade its facilities with investments exceeding EGP481 million. GlaxoSmithKline’s total investment in Egypt surpasses USD 800 million and it is the largest British investment in the Health Sector and Pharma field in Egypt.
UK Director of Trade and Investment said:
The launch of this new line for GSK demonstrates their commitment to the Egyptian market. GSK along with many other UK companies has a long history with Egypt and my team at the Department for International Trade will continue to encourage UK investment in Egypt– something which can only benefit both countries.
This GlaxoSmithKline investment is the latest in a series of new investments from Britain, Egypt’s biggest investor.
Last month, Vodafone acquired a EGP3.5 billion 4G licence in addition to its EGP35 billion in investment in Egypt to date, which will increase internet speed and open new economic and social opportunities. Last month also British company Unilever opened a new factory in Egypt – the largest in the Middle East in terms of production capacity – following a EGP220 million investment. BP continues to be one of the largest foreign investors in the country, having invested approximately USD30 billion in Egypt to date, with plans for a further USD13billion before 2020.
UK investment provides long-term social investment and sustainable growth in Egypt, alongside the short-term action currently being taken by the government and the IMF. GlaxoSmithKline provides jobs to a workforce of 1,700 Egyptians, and Unilever has 1,939 direct and over 8,000 indirect Egyptian employees. BP Egypt runs a wide-ranging programme focused on education, training, and skills development, and works with local communities to deliver sustainable development projects dedicated to creating jobs, micro-financing, education, and health.
These deals support the UK Prime Minister’s desire to further deepen cooperation and offer help to support the Egypt’s economic growth efforts, including the increase of British investments. The upcoming visit to Egypt by the UK Trade Envoy, the fourth this year, will provide opportunity for discussions around delivering on this desire.
British Ambassador to Egypt said:
More important long-term than even the IMF funds, investment creates jobs, and brings in dollars and global standards to Egypt. I am proud Britain remains the number one investor in Egypt, with USD30 billion of inflows since 2011, but at this vital time we are hungry for more to power the Egyptian economy. This month we have seen important new investment and jobs from BP, Vodafone, Unilever and now GlaxoSmithKline. Egypt’s economic success is a top priority to the UK and we remain committed to developing our partnership.