Egypt’s President Abdel Fattah Al-Sisi is expected to visit the United Kingdom on 20-21 January, general manager of the commercial affairs at East Port Said Development Company (EP), Ahmed Al Mufti has said.
“An Egyptian business delegation, including our company, will accompany the president during his visit to promote investments in the local market, in addition to a number of Egyptian ministers,” Al Mufti told Daily News Egypt on the sidelines of an event held by the American Chamber of Commerce (AmCham), hosted by the representatives of Suez Canal Economic Zone (SCZone) on Sunday.
UK companies are interested in establishing new partnerships with Egyptian and African counterparts particularly after the Brexit from the European Union (EU), Al Mufti said, noting that Al-Sisi and the Egyptian delegation would attend the UK–Africa Investment Summit on 20 January.
The British ambassador to Egypt Sir Geoffrey Adams said that Al-Sisi called British Prime Minister Boris Johnson to congratulate him on the win of his Conservatives Party in the country’s general election, on 18 December 2019, adding that Johnson invited Al-Sisi to attend the UK–Africa Investment Summit.
“Our company will also participate in another conference in the UK on 14 and 15 January to focus on the promotion of the SCZone’s investments. We have a list with the British companies to meet during our visit to the UK. We hope to attract casting industry’ companies to invest in the Zone,” Al Mufti said.
UK, India, and Germany are the main countries that SCZone focuses on to invest in casting industry, Al Mufti said, adding that he met with several Indian companies that are keen on cooperating with Egyptian partners.
“Egypt is expected to offer new incentives for the foreign businessperson who aim to invest in the casting industries,” Al-Mufti said, adding the foreign investors are negotiating new projects in auto feeding industries, packaging in addition to casting industries.
A Chinese business delegation will visit Egypt in February where they will meet Egyptian counterparts to discuss business opportunities, Al-Mufti said, adding, “we will also visit Italy in February to discuss boosting our cooperation with the Italian businesspersons.”
Al-Mufti said that his company is expected to receive 4,000,000 sqm on 30 June 2020, noting, “we already received 1.5m square metres. Annual price average of the one square metre is $5 as usufruct.”