British ambassador says the Union Jack’ still flying in Egypt

Published April 25th, 2001 - 02:00 GMT

Stung by the decision of the British supermarket chain to sell off its Egyptian holdings, Britain’s ambassador to Cairo continues to press home the point that Britain intends remaining firmly ensconced in the Egyptian economy. 

 

Speaking to reporters in the Egyptian capital last week, Boyce pointed out that British oil companies working in Egypt decided to pump more $5 billion in prospecting for oil and natural gas within the coming five years. 

 

Boyce was confident about the Egyptian investment climate, noting the positive experiences of British companies, such as British Gas, Glaxo-Wellcome and Blue Circle.  

 

"Egypt enjoys a strategic geographic location and high potential that enables it to attract foreign investment," he said. 

 

Boyce said that the decision by Sainsbury's to pull out of Egypt was the result of bad judgment on the British company’s part. Sainsbury’s miscalculated when it opened many stores simultaneously without accurately assessing the market, he said. – (Albawaba-MEBG) 

© 2001 Mena Report (www.menareport.com)


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