Egypt is on track to implement a clear road map for political and economic reform and improve the business climate, Ibrahim Mahlab, Prime Minister of Egypt, has said at a symposium organised by the British Egyptian Business Association (BEBA).

“Having ensured political stability, the Egyptian government is implementing an integrated program for structural reform to address the obstacles that have prevented a country of Egypt’s size and importance thus far from realizing its full potential,” he said.

He added that further details about the reform program and investment opportunities will be revealed during March’s Egypt Economic Development Conference.

Over 200 people, including representatives from more than 50 British companies, gathered yesterday at the conference to discuss Egypt’s burgeoning investment opportunities.

Primary sponsors included Barclays, BG Group, BP, DETAC Construction and Trading, HSBC and Vodafone.

The delegation, organised by UK Trade & Investment, was the largest European business delegation to visit Egypt since the election of President Abdel Fattah El Sisi.

Tobias Ellwood, British Foreign and Commonwealth Minister for the Middle East and North Africa, described the conference as part of an ongoing relationship between British and Egyptian businesses.

“It is clear that Egypt is open for business. We can achieve great things together - this is the start of an amazing journey,” he said, noting that he looks forward to welcoming Egyptian businesses to London in a reciprocal BEBA event planned for June 2015.

Trade between Egypt and the UK continues to grow at a rapid pace.

According to UK Customs’ figures, in the first ten months of 2014, Egyptian exports to the UK totalled £783m and imports generated £855m, registering annual growth of 29% and 14% respectively.

The total volume of trade in the same period equalled £1.638bn, with annual growth of 21%.

Sara Hinton, Vice Chairman of BEBA and Partner of the Egyptian Law firm Ibrachy & Partners, said: “The Investment law amendments provide a real ‘one stop shop’ – GAFI will now be able to answer all queries and will be fully empowered [to assist foreign investors]. 100% foreign control and 100% foreign ownership are possible. It will be just as easy to set up a business in Egypt as it is in more developed economies.

“Egypt represents a very exciting market opportunity for UK investors. There are challenges, but they can be overcome with proper research. Both British and international companies have continued to profit and have profited well over the last four years.”

Hinton also praised the variety of different economic zones available to investors, presenting them with various tax and regulatory options.

She noted that the government was already taking steps to reform insolvency laws, an area which has made it hard for businesses to overcome financial difficulties in the past.