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Egypt expects to receive USD 30 billion in foreign investments

30 de maio de 2016

The funds are set to be used in industry, mining, transportation and logistics, infrastructure and tourism up to the year 2020. A forum discussed business opportunities in the country.

São Paulo – Egypt expects to receive USD 30 billion in foreign investments until 2020 in sectors such as industry, mining, transportation and logistics, infrastructure and tourism. The data was presented last weekend by the country’s minister of Planning, Ashraf Marzuk, during Egypt’s 2nd Investment Forum held in Cairo.

According to the Arab Brazilian Chamber of Commerce’s CEO Michel Alaby and Government Relations manager Tamer Mansour – both attended the event –, the growth projection for the Egyptian economy this year is 5%, with 5.5% being forecasted for the next year. In 2015, the country’s Gross Domestic Product (GDP) increased 4.2%.

According to Alaby and Mansour, the main challenges faced by the Egyptian economy are to reduce the high fiscal deficit and cut subsidies in the domestic market, “which already are being reduced, but with a significant part still to go.”

Topics such as logistics and transportation, renewable energies, investment legislation, and funding of small and medium-sized businesses were discussed during the forum. The forum’s panels included senior officials from the Egyptian government, such as the ministers Jalal Al Said (Transportation), Hatem Saleh (Supply) and Dalia Khurshid (Investments), besides business leaders of the Arab world and other regions.

The meeting was organized by the General Union of Arab Chambers of Commerce, Industry and Agriculture, by Egypt’s government, by the Federation of Egyptian Chamber of Commerce and by the Al-Iktissad Wal-Aamal group.

Chambers of Commerce

Also during the weekend, Alaby took part in a meeting of CEOs of Arab/non-Arab chambers of commerce, in which the new president of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, Nael Al Kabariti, was introduced. He will serve a two-year term.

According to Alaby, the president called for the elaboration of a joint strategy for the organizations, one that should include, among other actions, the planning of a joint annual schedule.

Among the joint actions, the CEOs suggested an exchange program among the organizations’ staffs, the elaboration of a common database, the advertisement of their events in the Union’s website, and the strengthening of the institutional role of the chambers.

Alaby suggested the revival of the intranet project between the chambers to share data and for Brazil to host the first meeting of 2017 between the CEOs and presidents of the organizations. Another topic discussed was the digital certification of exports, which is being implemented by the Arab Brazilian Chamber.

Kabariti also called on the Arab/non-Arab chambers to help the Arab countries in increasing their exports and attracting more investments. Besides the Arab Brazilian Chamber, also attending the meeting were organizations from Belgium, Austria, France, Portugal, Greece, Ireland, Germany, Italy, Switzerland, Bahrain, Iraq, Tunisia, Egypt, Jordan, United Arab Emirates and the Gulf Cooperation Council (GCC).

The CEOs were also welcomed by Egypt’s president, Abdel Fattah Al Sisi.

*Translated by Sérgio Kakitani