Foreign direct investment (FDI) directed towards Med countries has been on a downward trend since 2007. In 2008, the 13 countries from the Southern and Eastern Mediterranean monitored by ANIMA started to be hit by the global financial and economic crisis: they received a little less than EUR 40 billion in announced FDI over 2008 (-35%). The total number of detected projects (778) only dropped by 6%. Many of these projects however are either scaled down or cancelled. After few years of skyrocketing Gulf investments, European companies have become once again the largest investors in the region.
There remain, however, good reasons for hope. For a sizeable number of companies still, European or not, the Mediterranean appears as a solution, a possible recourse in terms of market, cost control or partnerships. In Ancient Greek, the word κρίσις, or crisis, means the ‘time for decision’. This is the great industrial challenge of the Euro-Mediterranean region: finding, in those troubled times, an original mode of economic cooperation which will benefit the two shores of the Mediterranean over the long run.
Authors : Samir Abdelkrim, Pierre Henry, Bénédict de Saint Laurent / ANIMA (www.anima.coop)
Diasporas: Gateways to investment, entrepreneurship and innovation in the Med...Samir Abdelkrim
Mobilisation of the higly-skilled Diasporas is the new economic challenge for MED countries if they wish to accelerate their economic development in the context of globalisation. For most of the countries forming the MED region, it represents a "win-win" option, which could enable them to increase their sources of external revenues, to benefit from a multi-skilled human capital with a dual culture, and finally to attract more investment projects - initially modest but with a high added value and job prospects (ICT, renewable energy, agribusiness, etc.). Based upon the analysis of the contributions made by hundreds of Mediterranean Diaspora networks for the development of their countries of origin (a directory containing 470 networks of talents from the Mediterranean diaspora has been put together and complements the study), this study aims to bring answers to the following questions:
• For MED countries, how can the circulation of the diaspora’s skills be a positive phenomenon helping to reinforce the competitiveness of the economy and to reinforce the innovative abilities?
• On the ground, how can the networks of talents effectively meet domestic needs for productive investments and partnerships? How can the Diasporas’ talentslead, through funding, mentoring and coaching, to the emergence of the MED economic champions of tomorrow?
Based on the Chinese and Indian models which have widely used their skilled Diasporas to achieve their technological advances, MED countries should engage with Diasporas' talents using new types of cooperation, more pragmatic and more oriented towards the creation of added value. To move beyond declarations of intentions, ANIMA and Invest in Med propose a concrete and realistic plan of actions to accelerate the engagement of Mediterranean Diasporas’ talents in favour of their countries of origin.
Authors : Samir Abdelkrim, StartupBRICS.com (writing, interviews, methodology, MedDiaspora expatriates networks directory), with contributions of Zoé Luçon (interviews, methodology), Sébastien Dagault (recommandations & proposals), Emmanuel Noutary (recommandations) & Bénédict de Saint Laurent (foreword, recommandations)
This guidebook is the first step of a surveying and mapping work of the economic activity in the Mediterranean, undertaken by the Invest in Med programme to help countries to better understand and compare themselves.
However, the main purpose is to provide investors, especially foreigners, who target 9 of the Southern Mediterranean countries benefiting from the Invest in Med programme, with an operational tool that would help them in answering the following questions:
What are the countries that wish to promote the development of enterprises in my sector?
What are the regions in which my business can grow? What are the infrastructures, industrial or economic zones in which I am likely to find partners, sub-contractors, competitors?
What are the facilitating policies that affect me? Whom to contact to activate them?
Users of this guide have the choice between 3 gateways to access to information: a captioned map per country that offers a view of the key sectors in the country and the main infrastructures and zones in which the economic development is polarised; for each country, a set of summary sheets on the industrial strategy, the country position vis-à-vis foreign investors, the sectors of specialisation by region; for 15 major sectors whose development is considered a priority by the Med countries, the list of countries where each of them is present and, for each country, a fact sheet on the challenges, opportunities, players and contacts for this sector.
Authors : Jeanne Lapujade & Emmanuel Noutary, with contributions of Pierre Henry, Zoé Luçon, Samir Abdelkrim, Bénédict de Saint Laurent / ANIMA (www.anima.coop)
Foreign direct investment into MEDA in 2007: the switchSamir Abdelkrim
Find out the most recent data, all the analyses of our experts, the latest trends about Mediterranean foreign direct investment in the 2007 edition of the ANIMA FDI observatory (MIPO).
Authors : Pierre Henry, Samir Abdelkrim, Bénédict de Saint Laurent / ANIMA (www.anima.coop)
Investment from the GCC and development in the Mediterranean.The outlook for ...Samir Abdelkrim
During the last decade, Gulf investors have become a major player in the Mediterranean,sometimes surpassing Europe. Since the inception of the ANIMA observatory (January 2003),they have invested some 70 bn Euro in almost 700 projects (a ratio close to €100m perproject, a rather big ticket), mostly in Mashreq and in Maghreb. They had announced evenmore (€160 bn), but this was partly communication and, of course, the crisis has reducedsome ambitions.
Authors: Bénédict de Saint Laurent, with contributions of Pierre Henry and Samir Abdelkrim / ANIMA
The document discusses opportunities for growing business in West Africa. It summarizes the socio-economic context of ECOWAS, highlighting Ivory Coast and Nigeria as influential countries. Ivory Coast is described as a pilot country due to its large port in Abidjan, influential consumer patterns, role in WAEMU, and many regional offices of multinational companies. Nigeria is also important due to its large population and economy. The document argues that to succeed in West Africa, companies must understand these regional dynamics and think globally but act locally through regional deployment.
ARTICLE_INVESTMENT OPPURTUNITIES IN MAURATIUSPiyush Meharia
The document discusses investment opportunities in Mauritius. It outlines that Mauritius has experienced strong economic growth over the past 20 years and aims to become a major financial and business hub. Key investment opportunities it identifies include development of hotels, resorts, shops, and industry/business parks. Specific sectors highlighted are agro-business, life sciences, and international business services. The document also notes Mauritius' favorable legal framework and fiscal incentives to attract foreign investment.
Are you interested in exploring new export markets?
Egypt is an emerging import dependent market offering a multitude of export opportunities for local companies.
The Market
Egypt has the largest population and the third largest economy in the Arab World after Saudi and UAE – already two significant markets for Northern Ireland companies.
The document is the 2019 Africa Visa Openness Index report published by the African Union and African Development Bank. It measures how open African countries are to visitors from other African nations by examining visa requirements. The report found that 47 countries improved or maintained their visa openness scores in 2019. For the first time, Africans now have liberal access to 51% of the continent, up from only 20% in 2016. Countries with more open visa policies tend to see greater foreign investment and economic growth. While progress has been made, more work remains to fully achieve the goal of free movement of people across Africa as outlined in the African Union's Agenda 2063.
Diasporas: Gateways to investment, entrepreneurship and innovation in the Med...Samir Abdelkrim
Mobilisation of the higly-skilled Diasporas is the new economic challenge for MED countries if they wish to accelerate their economic development in the context of globalisation. For most of the countries forming the MED region, it represents a "win-win" option, which could enable them to increase their sources of external revenues, to benefit from a multi-skilled human capital with a dual culture, and finally to attract more investment projects - initially modest but with a high added value and job prospects (ICT, renewable energy, agribusiness, etc.). Based upon the analysis of the contributions made by hundreds of Mediterranean Diaspora networks for the development of their countries of origin (a directory containing 470 networks of talents from the Mediterranean diaspora has been put together and complements the study), this study aims to bring answers to the following questions:
• For MED countries, how can the circulation of the diaspora’s skills be a positive phenomenon helping to reinforce the competitiveness of the economy and to reinforce the innovative abilities?
• On the ground, how can the networks of talents effectively meet domestic needs for productive investments and partnerships? How can the Diasporas’ talentslead, through funding, mentoring and coaching, to the emergence of the MED economic champions of tomorrow?
Based on the Chinese and Indian models which have widely used their skilled Diasporas to achieve their technological advances, MED countries should engage with Diasporas' talents using new types of cooperation, more pragmatic and more oriented towards the creation of added value. To move beyond declarations of intentions, ANIMA and Invest in Med propose a concrete and realistic plan of actions to accelerate the engagement of Mediterranean Diasporas’ talents in favour of their countries of origin.
Authors : Samir Abdelkrim, StartupBRICS.com (writing, interviews, methodology, MedDiaspora expatriates networks directory), with contributions of Zoé Luçon (interviews, methodology), Sébastien Dagault (recommandations & proposals), Emmanuel Noutary (recommandations) & Bénédict de Saint Laurent (foreword, recommandations)
This guidebook is the first step of a surveying and mapping work of the economic activity in the Mediterranean, undertaken by the Invest in Med programme to help countries to better understand and compare themselves.
However, the main purpose is to provide investors, especially foreigners, who target 9 of the Southern Mediterranean countries benefiting from the Invest in Med programme, with an operational tool that would help them in answering the following questions:
What are the countries that wish to promote the development of enterprises in my sector?
What are the regions in which my business can grow? What are the infrastructures, industrial or economic zones in which I am likely to find partners, sub-contractors, competitors?
What are the facilitating policies that affect me? Whom to contact to activate them?
Users of this guide have the choice between 3 gateways to access to information: a captioned map per country that offers a view of the key sectors in the country and the main infrastructures and zones in which the economic development is polarised; for each country, a set of summary sheets on the industrial strategy, the country position vis-à-vis foreign investors, the sectors of specialisation by region; for 15 major sectors whose development is considered a priority by the Med countries, the list of countries where each of them is present and, for each country, a fact sheet on the challenges, opportunities, players and contacts for this sector.
Authors : Jeanne Lapujade & Emmanuel Noutary, with contributions of Pierre Henry, Zoé Luçon, Samir Abdelkrim, Bénédict de Saint Laurent / ANIMA (www.anima.coop)
Foreign direct investment into MEDA in 2007: the switchSamir Abdelkrim
Find out the most recent data, all the analyses of our experts, the latest trends about Mediterranean foreign direct investment in the 2007 edition of the ANIMA FDI observatory (MIPO).
Authors : Pierre Henry, Samir Abdelkrim, Bénédict de Saint Laurent / ANIMA (www.anima.coop)
Investment from the GCC and development in the Mediterranean.The outlook for ...Samir Abdelkrim
During the last decade, Gulf investors have become a major player in the Mediterranean,sometimes surpassing Europe. Since the inception of the ANIMA observatory (January 2003),they have invested some 70 bn Euro in almost 700 projects (a ratio close to €100m perproject, a rather big ticket), mostly in Mashreq and in Maghreb. They had announced evenmore (€160 bn), but this was partly communication and, of course, the crisis has reducedsome ambitions.
Authors: Bénédict de Saint Laurent, with contributions of Pierre Henry and Samir Abdelkrim / ANIMA
The document discusses opportunities for growing business in West Africa. It summarizes the socio-economic context of ECOWAS, highlighting Ivory Coast and Nigeria as influential countries. Ivory Coast is described as a pilot country due to its large port in Abidjan, influential consumer patterns, role in WAEMU, and many regional offices of multinational companies. Nigeria is also important due to its large population and economy. The document argues that to succeed in West Africa, companies must understand these regional dynamics and think globally but act locally through regional deployment.
ARTICLE_INVESTMENT OPPURTUNITIES IN MAURATIUSPiyush Meharia
The document discusses investment opportunities in Mauritius. It outlines that Mauritius has experienced strong economic growth over the past 20 years and aims to become a major financial and business hub. Key investment opportunities it identifies include development of hotels, resorts, shops, and industry/business parks. Specific sectors highlighted are agro-business, life sciences, and international business services. The document also notes Mauritius' favorable legal framework and fiscal incentives to attract foreign investment.
Are you interested in exploring new export markets?
Egypt is an emerging import dependent market offering a multitude of export opportunities for local companies.
The Market
Egypt has the largest population and the third largest economy in the Arab World after Saudi and UAE – already two significant markets for Northern Ireland companies.
The document is the 2019 Africa Visa Openness Index report published by the African Union and African Development Bank. It measures how open African countries are to visitors from other African nations by examining visa requirements. The report found that 47 countries improved or maintained their visa openness scores in 2019. For the first time, Africans now have liberal access to 51% of the continent, up from only 20% in 2016. Countries with more open visa policies tend to see greater foreign investment and economic growth. While progress has been made, more work remains to fully achieve the goal of free movement of people across Africa as outlined in the African Union's Agenda 2063.
Dubai for Business | Starting a Business in DubaiOneworld Mideast
The UAE is a white listed onshore jurisdiction that offers business opportunities that exist
only in mature industrial and financial hubs. International Businesses moving to the UAE find
themselves in a thriving market with excellent infrastructure.
Europe and the Bay Area have deep economic ties that date back to the California Gold Rush. Currently, cross-investment between the regions is larger than with any other global region. Trade is strong and growing, though it has slowed since the global recession. The relationship is characterized by extensive collaboration in innovation, with Europe being the largest partner in co-registered patents. Large numbers of European companies have offices in the Bay Area for R&D and business development. Similarly, many Bay Area companies have affiliates throughout Europe. Initiatives to strengthen political and economic cooperation can further boost these important transatlantic connections.
Europe and the Bay Area have deep economic ties that date back to the California Gold Rush. Currently, cross-investment between the regions is larger than with any other global region. Trade is strong and growing, though it has slowed since the global recession. The relationship is characterized by extensive collaboration in innovation, with Europe being the largest partner in co-registered patents. Large numbers of European companies have offices in the Bay Area for R&D and business development. Likewise, many Bay Area companies have expanded to Europe. Initiatives to strengthen political and economic cooperation could further boost these transatlantic connections.
This document provides information about doing business in Egypt. It highlights Egypt's unique geographic location and political stability. Egypt has a growing economy and is integrating further into the world economy through various trade agreements. The document outlines Egypt's economic outlook in recent years as well as investment incentives available. It identifies various investment opportunities across sectors such as agriculture, tourism, manufacturing and more. The document also discusses Egypt's relationship with Serbia and potential for increased economic cooperation between the two countries.
20150113 - Agenda Kusuntu Orrick Conference Winter2015_ Booklet_Program - FINALKusuntu le Club
This document outlines the agenda for the 3rd Africa Finance Conference on "Impacts and Returns through Responsible Investments in Corporate Africa". The one-day conference is organized by KUSUNTU-le-CLUB, ORRICK RAMBAUD MARTEL, and Investisseurs & Partenaires and supported by organizations like PROPARCO and Trident Fund Services. It will feature keynote speeches and panels on topics like impact investing in Africa, integrating ESG principles into private equity investments, and how development finance institutions are driving impact investing on the continent. The conference aims to connect professional investors, African companies and entrepreneurs, and other economic actors to discuss investment opportunities and building sustainable development in Africa.
The document provides an overview of remittances and discusses several key topics. It begins with general information on remittance volumes, statistics, characteristics like corridors and provider types, and migrant expectations and behaviors. It then covers main issues such as the informal vs formal debate, costs of remittances which remain quite high despite commitments to lower prices, challenges with reaching rural "last mile" recipients, and debates around how remittances are used. Existing solutions discussed include suggestions from development organizations to enhance offerings, promote "bi-bancarization", focus on productive investments, and utilize new technologies. The Planet Finance approach aims to promote affordable remittances through partnerships, financial literacy training, and tailored financial products.
The World Travel & Tourism Council (WTTC) is a business forum composed of CEOs from travel and tourism companies. It aims to promote travel and tourism by advocating for policies that support industry growth and jobs. Key priorities include promoting freedom to travel through smarter visa policies, implementing business-friendly growth policies, and ensuring sustainable tourism development. WTTC works with governments and businesses to recognize travel and tourism's economic importance and pursue long-term, shared growth while balancing social and environmental impacts.
LAWYER IN VIETNAM DR.OLIVER MASSMANN - OUTLINING DOMESTIC AND INTERNATIONAL L...Dr. Oliver Massmann
LAWYER IN VIETNAM DR.OLIVER MASSMANN - OUTLINING DOMESTIC AND INTERNATIONAL LEGISLATION (EU – VIETNAM FTA AND CPTPP) AND BUSINESS ENVIRONMENT FOR SEAPORT DEVELOPMENT AND OPERATIONS IN VIETNAM
The integration of SMEs in international trade : Internal and external BarriersMahmoud Sami Nabi
The document discusses internal and external barriers that small and medium enterprises (SMEs) face in integrating into international trade. It notes that SMEs account for a large share of employment and economic activity worldwide but face numerous constraints. Internally, SMEs struggle with lack of access to financing, managerial skills shortages, and financial constraints. Externally, SMEs encounter high trade barriers such as tariffs, non-tariff barriers, inefficient customs processes, and complex technical regulations in export markets. The document recommends various solutions to help reduce these barriers, including improving access to trade financing, supporting SME certification for international standards, and facilitating participation in global and regional supply chains.
The document provides an overview of Egypt's economy and investment opportunities. It notes that Egypt has a large population and market size, a strategic location, and a diversified economy. While it faces challenges like its budget deficit and energy crisis, the government is undertaking reforms and many countries and international organizations are investing in sectors like infrastructure, manufacturing, and renewable energy. Total Dutch investments and exports to Egypt remain significant. The conclusion is that with continued reforms and security improvements, investment and opportunities for Dutch businesses in Egypt will increase.
Al-Khouri, A.M. (2011) 'Emerging Markets in Digital World', Summit on Information and Network Security for Emerging Markets, September 20-21, Helsinki, Finland.
This document discusses opportunities for wind power in Latin America. It provides an overview of the wind power industries in key Latin American countries including Brazil, Mexico, Argentina, Uruguay, Chile, Peru and Colombia. It also discusses Finpro, an organization that helps Finnish companies succeed internationally, and their support for companies across various stages of expanding into foreign markets such as Latin America.
Jersey value to Europe 19 Sep 2016 - SUMMARY REPORTMelanie Debono
Jersey is a significant offshore financial center that facilitates foreign investment into the European Union. Approximately one third of funds administered in Jersey and three-fifths of total assets managed in Jersey originate from EU countries other than the UK. Jersey is estimated to attract almost €188 billion of non-EU investment into the EU, equivalent to 4% of total EU liabilities and supporting around 88,000 EU jobs. While Jersey is not a tax haven and tax avoidance through Jersey is limited, economic activity stimulated by foreign investment intermediated by Jersey generates an estimated €1 billion per year in additional tax revenue for EU countries, outweighing any potential tax losses.
This document provides an overview and analysis of investment trends and opportunities in Africa. It discusses several key drivers of increased investment in Africa, such as surging demand from China and India, increased urbanization and rising consumerism, high commodity prices, and improved economic policies. The document also examines growing investment trends, including the development of consumer markets, growth of the mobile phone industry, Chinese investment in natural resources and infrastructure projects, and the potential for outsourcing manufacturing to Africa. Several challenges to investment are also outlined, including inflation concerns, inadequate infrastructure, and drought conditions in the Horn of Africa.
Rwanda has experienced strong and sustained economic growth in recent years, with GDP growth averaging 7.1% annually since 2004. The government has implemented policies to make Rwanda an attractive destination for foreign direct investment through political stability, a pro-business environment, and a focus on key sectors like infrastructure, agriculture, energy and tourism. Rwanda also provides access to the large and growing East African market through its membership in the East African Community. The Rwandan government and the Rwanda Development Board are committed to continued economic reforms and investment promotion to build on Rwanda's success and untapped potential for growth.
Fdi Effects In Bulgaria, Croatia, Egypt, MoroccoZach Thompson
FDI in Bulgaria has grown consistently in the years leading up to the global financial crisis, with most FDI coming from EU countries and concentrated in sectors like real estate, finance, and manufacturing. Bulgaria attracts FDI through its educated workforce, low costs, political stability, and EU membership. Major companies like Nestle and HP have invested in Bulgaria, creating thousands of jobs.
Af db oecd uneca african economic outlook barcelona 28 june 2010 tcm4-52158Dr Lendy Spires
This document summarizes the key findings of the 2010 African Economic Outlook report published by the United Nations Economic Commission for Africa. It discusses the report's projections of economic growth in Africa between 2010 and 2011, noting growth rates around 4.5% in 2010 and 5.2% in 2011 on average across the continent. It also summarizes some of the drivers of growth in Africa like commodity prices and trade, as well as challenges including uneven impact of the global crisis and risks to continued growth from factors like global economic conditions and food prices.
EY Human Capital Conference 2012: Immigration - what you need to know nowEY
Global employee mobility – this presentation covers the global environment for immigration and global immigration trends plus an overview of the current polices and immigration laws in Europe, the Middle East and Northern Africa, and the Americas.
Foreign Direct Investment in Developing Countriesadii
This document discusses a conceptual framework for evaluating investments in developing countries. It aims to develop a model that combines existing theories and considers unique qualitative factors that influence an investment's competitive advantage and success. These factors are categorized as political, financial or economic risks. The framework assigns weightings to different risk factors and ranks countries based on the likelihood of each factor occurring. It then calculates a risk premium to compare investment opportunities, using South Africa-based SABMiller's potential investments in Angola and Botswana as a case study.
Foreign Direct Investment and Indian Economy pptDr.houkat1968
This document discusses foreign direct investment (FDI) in India. It provides definitions of FDI and outlines its benefits for host countries, including market access, resources/assets, and efficiency gains. The document then reviews India's historical FDI inflows, noting higher growth post-1991 reforms. It analyzes FDI trends by source country, Indian state, and economic sector. Key findings include that services, construction and telecom attract most FDI, and Maharashtra, Delhi and southern states receive the majority. The document concludes that while India's FDI has increased significantly with reforms, targeted policies are still needed to maximize benefits and equitable distribution.
Dubai for Business | Starting a Business in DubaiOneworld Mideast
The UAE is a white listed onshore jurisdiction that offers business opportunities that exist
only in mature industrial and financial hubs. International Businesses moving to the UAE find
themselves in a thriving market with excellent infrastructure.
Europe and the Bay Area have deep economic ties that date back to the California Gold Rush. Currently, cross-investment between the regions is larger than with any other global region. Trade is strong and growing, though it has slowed since the global recession. The relationship is characterized by extensive collaboration in innovation, with Europe being the largest partner in co-registered patents. Large numbers of European companies have offices in the Bay Area for R&D and business development. Similarly, many Bay Area companies have affiliates throughout Europe. Initiatives to strengthen political and economic cooperation can further boost these important transatlantic connections.
Europe and the Bay Area have deep economic ties that date back to the California Gold Rush. Currently, cross-investment between the regions is larger than with any other global region. Trade is strong and growing, though it has slowed since the global recession. The relationship is characterized by extensive collaboration in innovation, with Europe being the largest partner in co-registered patents. Large numbers of European companies have offices in the Bay Area for R&D and business development. Likewise, many Bay Area companies have expanded to Europe. Initiatives to strengthen political and economic cooperation could further boost these transatlantic connections.
This document provides information about doing business in Egypt. It highlights Egypt's unique geographic location and political stability. Egypt has a growing economy and is integrating further into the world economy through various trade agreements. The document outlines Egypt's economic outlook in recent years as well as investment incentives available. It identifies various investment opportunities across sectors such as agriculture, tourism, manufacturing and more. The document also discusses Egypt's relationship with Serbia and potential for increased economic cooperation between the two countries.
20150113 - Agenda Kusuntu Orrick Conference Winter2015_ Booklet_Program - FINALKusuntu le Club
This document outlines the agenda for the 3rd Africa Finance Conference on "Impacts and Returns through Responsible Investments in Corporate Africa". The one-day conference is organized by KUSUNTU-le-CLUB, ORRICK RAMBAUD MARTEL, and Investisseurs & Partenaires and supported by organizations like PROPARCO and Trident Fund Services. It will feature keynote speeches and panels on topics like impact investing in Africa, integrating ESG principles into private equity investments, and how development finance institutions are driving impact investing on the continent. The conference aims to connect professional investors, African companies and entrepreneurs, and other economic actors to discuss investment opportunities and building sustainable development in Africa.
The document provides an overview of remittances and discusses several key topics. It begins with general information on remittance volumes, statistics, characteristics like corridors and provider types, and migrant expectations and behaviors. It then covers main issues such as the informal vs formal debate, costs of remittances which remain quite high despite commitments to lower prices, challenges with reaching rural "last mile" recipients, and debates around how remittances are used. Existing solutions discussed include suggestions from development organizations to enhance offerings, promote "bi-bancarization", focus on productive investments, and utilize new technologies. The Planet Finance approach aims to promote affordable remittances through partnerships, financial literacy training, and tailored financial products.
The World Travel & Tourism Council (WTTC) is a business forum composed of CEOs from travel and tourism companies. It aims to promote travel and tourism by advocating for policies that support industry growth and jobs. Key priorities include promoting freedom to travel through smarter visa policies, implementing business-friendly growth policies, and ensuring sustainable tourism development. WTTC works with governments and businesses to recognize travel and tourism's economic importance and pursue long-term, shared growth while balancing social and environmental impacts.
LAWYER IN VIETNAM DR.OLIVER MASSMANN - OUTLINING DOMESTIC AND INTERNATIONAL L...Dr. Oliver Massmann
LAWYER IN VIETNAM DR.OLIVER MASSMANN - OUTLINING DOMESTIC AND INTERNATIONAL LEGISLATION (EU – VIETNAM FTA AND CPTPP) AND BUSINESS ENVIRONMENT FOR SEAPORT DEVELOPMENT AND OPERATIONS IN VIETNAM
The integration of SMEs in international trade : Internal and external BarriersMahmoud Sami Nabi
The document discusses internal and external barriers that small and medium enterprises (SMEs) face in integrating into international trade. It notes that SMEs account for a large share of employment and economic activity worldwide but face numerous constraints. Internally, SMEs struggle with lack of access to financing, managerial skills shortages, and financial constraints. Externally, SMEs encounter high trade barriers such as tariffs, non-tariff barriers, inefficient customs processes, and complex technical regulations in export markets. The document recommends various solutions to help reduce these barriers, including improving access to trade financing, supporting SME certification for international standards, and facilitating participation in global and regional supply chains.
The document provides an overview of Egypt's economy and investment opportunities. It notes that Egypt has a large population and market size, a strategic location, and a diversified economy. While it faces challenges like its budget deficit and energy crisis, the government is undertaking reforms and many countries and international organizations are investing in sectors like infrastructure, manufacturing, and renewable energy. Total Dutch investments and exports to Egypt remain significant. The conclusion is that with continued reforms and security improvements, investment and opportunities for Dutch businesses in Egypt will increase.
Al-Khouri, A.M. (2011) 'Emerging Markets in Digital World', Summit on Information and Network Security for Emerging Markets, September 20-21, Helsinki, Finland.
This document discusses opportunities for wind power in Latin America. It provides an overview of the wind power industries in key Latin American countries including Brazil, Mexico, Argentina, Uruguay, Chile, Peru and Colombia. It also discusses Finpro, an organization that helps Finnish companies succeed internationally, and their support for companies across various stages of expanding into foreign markets such as Latin America.
Jersey value to Europe 19 Sep 2016 - SUMMARY REPORTMelanie Debono
Jersey is a significant offshore financial center that facilitates foreign investment into the European Union. Approximately one third of funds administered in Jersey and three-fifths of total assets managed in Jersey originate from EU countries other than the UK. Jersey is estimated to attract almost €188 billion of non-EU investment into the EU, equivalent to 4% of total EU liabilities and supporting around 88,000 EU jobs. While Jersey is not a tax haven and tax avoidance through Jersey is limited, economic activity stimulated by foreign investment intermediated by Jersey generates an estimated €1 billion per year in additional tax revenue for EU countries, outweighing any potential tax losses.
This document provides an overview and analysis of investment trends and opportunities in Africa. It discusses several key drivers of increased investment in Africa, such as surging demand from China and India, increased urbanization and rising consumerism, high commodity prices, and improved economic policies. The document also examines growing investment trends, including the development of consumer markets, growth of the mobile phone industry, Chinese investment in natural resources and infrastructure projects, and the potential for outsourcing manufacturing to Africa. Several challenges to investment are also outlined, including inflation concerns, inadequate infrastructure, and drought conditions in the Horn of Africa.
Rwanda has experienced strong and sustained economic growth in recent years, with GDP growth averaging 7.1% annually since 2004. The government has implemented policies to make Rwanda an attractive destination for foreign direct investment through political stability, a pro-business environment, and a focus on key sectors like infrastructure, agriculture, energy and tourism. Rwanda also provides access to the large and growing East African market through its membership in the East African Community. The Rwandan government and the Rwanda Development Board are committed to continued economic reforms and investment promotion to build on Rwanda's success and untapped potential for growth.
Fdi Effects In Bulgaria, Croatia, Egypt, MoroccoZach Thompson
FDI in Bulgaria has grown consistently in the years leading up to the global financial crisis, with most FDI coming from EU countries and concentrated in sectors like real estate, finance, and manufacturing. Bulgaria attracts FDI through its educated workforce, low costs, political stability, and EU membership. Major companies like Nestle and HP have invested in Bulgaria, creating thousands of jobs.
Af db oecd uneca african economic outlook barcelona 28 june 2010 tcm4-52158Dr Lendy Spires
This document summarizes the key findings of the 2010 African Economic Outlook report published by the United Nations Economic Commission for Africa. It discusses the report's projections of economic growth in Africa between 2010 and 2011, noting growth rates around 4.5% in 2010 and 5.2% in 2011 on average across the continent. It also summarizes some of the drivers of growth in Africa like commodity prices and trade, as well as challenges including uneven impact of the global crisis and risks to continued growth from factors like global economic conditions and food prices.
EY Human Capital Conference 2012: Immigration - what you need to know nowEY
Global employee mobility – this presentation covers the global environment for immigration and global immigration trends plus an overview of the current polices and immigration laws in Europe, the Middle East and Northern Africa, and the Americas.
Foreign Direct Investment in Developing Countriesadii
This document discusses a conceptual framework for evaluating investments in developing countries. It aims to develop a model that combines existing theories and considers unique qualitative factors that influence an investment's competitive advantage and success. These factors are categorized as political, financial or economic risks. The framework assigns weightings to different risk factors and ranks countries based on the likelihood of each factor occurring. It then calculates a risk premium to compare investment opportunities, using South Africa-based SABMiller's potential investments in Angola and Botswana as a case study.
Foreign Direct Investment and Indian Economy pptDr.houkat1968
This document discusses foreign direct investment (FDI) in India. It provides definitions of FDI and outlines its benefits for host countries, including market access, resources/assets, and efficiency gains. The document then reviews India's historical FDI inflows, noting higher growth post-1991 reforms. It analyzes FDI trends by source country, Indian state, and economic sector. Key findings include that services, construction and telecom attract most FDI, and Maharashtra, Delhi and southern states receive the majority. The document concludes that while India's FDI has increased significantly with reforms, targeted policies are still needed to maximize benefits and equitable distribution.
IBM Lecture Foreign Direct Investment and Political Economy of FDMuhammad Muavia Khan
The document discusses the case of CEMEX, a Mexican cement company that transformed into the third largest cement company in the world through foreign direct investment. It acquired inefficient cement companies in developing countries, transferring skills in customer service, marketing, IT and production. CEMEX also acquired British cement company RMC, which had operations in 22 European nations. The document then defines and discusses different forms of foreign direct investment, including greenfield investment and acquisitions, and their economic rationale and impacts on host countries.
Foreign direct investment (FDI) occurs when a firm directly invests in facilities in another country. FDI can be for production, marketing, services, R&D, or accessing raw materials. A firm engaging in FDI becomes a multinational enterprise. Key issues around FDI include why firms choose it over alternatives, what makes locations attractive, and the costs and benefits from the perspective of host and source countries. While FDI can benefit countries through jobs and investment, it also poses risks like loss of economic independence. Governments establish policies to restrict or encourage FDI based on these considerations. Overall, the document discusses the concept of FDI, factors influencing it, and perspectives of different stakeholders.
‘FDI’ means investment by non-resident entity/person resident outside India in the capital of an Indian company as per FEMA Regulations.
Investments can be made by non-residents in the equity shares/ fully, compulsorily and mandatorily convertible debentures/ fully, compulsorily and mandatorily convertible preference shares of an Indian company, through the Automatic Route or the Government Route. Under the Automatic Route, the non-resident investor or the Indian company does not require any approval from Government of India for the investment. Under the Government Route, prior approval of the Government of India is required. Proposals for foreign investment under Government route are considered by FIPB.
This document contains information about international business management education and foreign direct investment (FDI). It discusses:
1) The importance of knowledge about international business for management graduates who may find themselves working abroad.
2) Various topics covered in an international business management course, including globalization, trade, technology, economics, politics, and business strategy.
3) Different types, motives, and modes of FDI such as resource-seeking, market-seeking, and efficiency-seeking FDI as well as greenfield investments, mergers and acquisitions, and joint ventures.
Foreign direct investment (FDI) occurs when a firm invests directly in new facilities in a foreign country. FDI is undertaken to take advantage of lower costs for resources unavailable in the home country. The firm maintains significant control over the foreign operation and can affect managerial decisions. There are several types of FDI including inward FDI into a country and outward FDI from a country. India allows up to 100% FDI under an automatic route in most sectors to encourage economic growth and development.
China has experienced significant growth in foreign direct investment (FDI) since opening up its economy in the late 1970s. It has been the top FDI destination globally for 16 years, receiving $52.39 billion in the first half of 2008 alone. Foreign-invested enterprises now account for 58% of China's imports and exports and are concentrated in manufacturing and real estate. While FDI was initially restricted and tightly controlled, China gradually reformed its laws and regulations to promote greater investment, including establishing special economic zones and allowing wholly foreign-owned enterprises. This helped transform China into the second largest FDI recipient worldwide and supported its rapid economic growth and development.
This document is an economics assignment on foreign direct investment (FDI) in India submitted by a group of students. It contains an introduction to FDI flows to India and provides context on how India is viewed as an attractive investment destination. The document then covers various topics related to FDI in India in detail, including who can invest, the entities allowed for investment, entry routes, sector-specific FDI policies, trends in FDI flows by country and sector, the overall investment climate and economic indicators in India, and conclusions. It aims to provide a comprehensive overview of the FDI landscape in India.
Foreign direct investment , FDI in India by abhishek tripathiAbhishek Tripathi
This presentation will answer so many questions raising against FDI decision in India. It includes What is FDI, Factors affecting FDI, Advantages and Disadvantages of FDI in India
This document presents a case study on foreign direct investment (FDI) and economic growth in India. It discusses trends in FDI inflows to India by sector and top investing countries. Regression analyses show positive relationships between FDI and GDP/exports growth. The manufacturing sector is analyzed, showing India's rising global rankings. Challenges to FDI include crowding out domestic investment. The services, insurance, agriculture, retail, and tourism sectors are also examined in terms of attracting more FDI and related policies. A comparison of FDI policies and inflows between India and China is provided.
The presentation discusses the inward FDI into China and outward FDI from China;in addition, the presentation briefly introduces Chinese legal system.The presentation was originally deliverd to the delegation of the EMTM Program (Executive Master's in Technology Management — a multidisciplinary master's degree program offered by Penn Engineering and co-sponsored by Wharton )and the delegation members mostly come from USA companies, such as Boeing, Lockheed Martin ,Adobe Systems, Morgan Stanley ,Citigroup and so on.
Foreign direct investment (FDI) occurs when a firm invests directly in facilities to produce or market a product in a foreign country. There are three main types of FDI: acquiring or merging with a foreign firm, creating a new 'greenfield' operation abroad, or establishing a foreign subsidiary. FDI gives firms significant control over their foreign operations and allows them to affect managerial decisions. FDI has increased over the last 20 years as globalization has expanded firms' visions of foreign markets and circumvented some trade barriers. However, FDI declined sharply in 2001-2002 due to economic slowdowns and geopolitical uncertainty.
This document provides an overview of foreign direct investment (FDI) in Brunei Darussalam. It defines FDI and describes the different types, including greenfield investment, horizontal FDI, and backward/forward vertical FDI. It also outlines the main motivations for FDI, such as being resource-seeking, market-seeking, or strategic-asset seeking. The document discusses the importance of FDI for economic growth and development as well as some barriers. It then provides examples of how Brunei is working to attract more FDI through improving infrastructure, providing incentives, and developing special economic zones. Finally, it summarizes recent news articles about land zones and incentives that could further boost FDI in Brunei.
The importance of foreign direct investmentnurelveana
Foreign direct investment (FDI) provides both advantages and disadvantages to host countries. It can improve technology, competitiveness, productivity and create jobs. However, it may negatively impact the environment and expose state secrets. FDI also affects small and large businesses differently. For small businesses, FDI provides stability, while for large businesses it stimulates diversification and social development through job creation and wage increases. Overall, FDI plays an important role in economic development by creating new industries, though it also presents some risks.
International investment and foreign direct investment play an important role in the global economy. There are different types of foreign investment such as foreign direct investment, portfolio investment, and investment in depository receipts. Foreign direct investment provides benefits like increased investment, technology transfer, and competition but it also faces criticism like undermining economic autonomy. Factors like natural resources, market size, production efficiency, interest rates, and government policies affect international investment flows. India moved from a restrictive policy on foreign investment pre-1991 to a more liberalized policy with automatic approval for foreign investment in many industries.
This document discusses theories of international trade and investment. It covers concepts like comparative advantage and competitive advantage. It then discusses classical trade theories like mercantilism and theories based on factors of production. It also covers how governments can enhance national competitive advantage through policies that stimulate innovation, target industries, and invest in infrastructure. The document discusses industrial clusters and national industrial policy. It covers theories on why firms invest overseas based on monopolistic advantages, internalization, and Dunning's eclectic paradigm. Finally, it discusses non-FDI based explanations for internationalization through collaborative ventures.
This document discusses fiscal policy and its objectives. It provides information on fiscal policy tools used by governments to influence economic growth, employment and prices. The key objectives of fiscal policy are mobilizing resources, accelerating economic growth, minimizing income inequality, increasing employment opportunities, and maintaining price stability. Examples of fiscal tools include taxation, public expenditure, borrowing. The document also summarizes Indian fiscal policy goals of rapid growth, employment expansion, reducing disparities.
This document provides an overview of France and its banking sector. It begins with an introduction to France's government system, economy, geography, and people. It then discusses the history of banking in India in three phases. It profiles the State Bank of India and its role in capital formation, supporting markets, and assisting backward areas. It also outlines trends in modern Indian banking like internet, mobile, and online services. Finally, it provides details about BNP Paribas in India and its operations across Europe and key positions in retail banking, corporate and investment banking, and investment solutions.
The document summarizes the work of The European House - Ambrosetti in developing indices and tools to measure country and regional attractiveness and competitiveness. Specifically, it discusses the development of the Global Attractiveness Index Africa, which ranks African countries across various indicators grouped into efficiency, openness, endowment, innovation, vulnerability, and sustainability factors. It also describes how the organization has applied similar methodologies at the regional, provincial, and city levels to support territorial development and investment attraction efforts.
Tanzania Investment Centre - Diaspora III London 2011Apollo Temu
The document summarizes investment opportunities and incentives for Tanzanian diaspora investors. It outlines that Tanzania provides a one stop shop for business licenses, tax registration, and immigration services through TIC and ZIPA. Priority sectors encouraged for investment include agriculture, agribusiness, extractive industries, infrastructure, and tourism. The government also identifies surveyed and non-surveyed land banks available for development. Tanzania aims to promote public-private partnerships and has various agriculture, mining, power, infrastructure and tourism projects available for diaspora investment.
Presentation Africa Food Manufacturing Conference 2022, Cairo 29 - 31 May 2022. 180 International and Local Companies participated in the 10th Edition of Africa Food Manufacturing Exhibition. http://paepard.blogspot.com/2022/06/africa-food-manufacturing-conference.html
Boosting Business in the Mediterranean: Entrepreneurs' Success StoriesSamir Abdelkrim
Entrepreneurs are leading the way in bringing the northern and southern rims of the Mediterranean closer together, a collection of business success stories shows. The collection was compiled by the European Investment Bank, European Commission and ANIMA Investment Network (1) and will be presented to EU and Mediterranean finance ministers meeting in Brussels tomorrow. It shows that cooperation in the region is already an economic, social and human reality.
In a joint statement, EIB Vice President Philippe de Fontaine Vive, European Commission Industry Commissioner Günter Verheugen and European External Relations Commissioner Benita Ferrero-Waldner said: “In these times of economic uncertainty, cooperation between Europe and the Mediterranean is more important than ever. With a population of around 750 million, the Euro-Mediterranean market could help both sides face competition from other regions in the world, but trade and investment flows need encouraging. The European Neighbourhood Policy and Union for the Mediterranean aim to deepen and strengthen those ties by providing a political and financial framework for cooperation.”
The initiative for the brochure was taken by Mr Fontaine de Vive at a meeting of Euro-Mediterranean industry ministers last November where it became apparent that successful private sector investments were little known outside the countries in which they had been made. The stories featured were chosen from among hundreds with the aim of reflecting the variety of economic sectors involved and the broadest possible representation of countries involved in the Union for the Mediterranean.
Authors: Marie Corman (European Commission), Joyce Liyan (European Investment Bank), Samir Abdelkrim (writing, titles) & Bénédict de Saint Laurent / ANIMA
Running a successful business is never easy, let alone in times of global
fi nancial uncertainty when investments are in short supply. The EU funded
East Invest programme helps companies and business associations in
the Eastern neighbourhood to acquire necessary skills and adopt practices
to improve their competitiveness in the EU market and beyond, says
Carmen Falkenberg Ambrosio, responsible for economic cooperation
with Eastern Partnership countries at the European Commission.
Myanmar Factsheet Updated in 2016-IPR SME HELPDESKMYO AUNG Myanmar
http://www.southeastasia-iprhelpdesk.eu/es/taxonomy/term/39
2016 - A Project Co-funded by the European Union
Disclaimer: The South-East Asia IPR SME Helpdesk is a free service which provides practical, objective and factual information aimed to help European SMEs to understand business tools for developing IPR value and managing risk. The services are not of a legal or advisory nature and no responsibility is accepted for the results of any actions made on the basis of its services. Before taking specific actions in relation to IPR protection or enforcement all customers are advised to seek independent advice.
World Investment Report 2008 (WIR08) is the 18th in a series published by the United Nations Conference on Trade and Development (UNCTAD). The Report analyses the latest trends in foreign direct investment (FDI) and has a special focus in 2008 on the role of transnational corporations (TNCs) in infrastructure development.
The document discusses the international expansion plans of Acme Manufacturing Company into either Germany or South Africa. It analyzes the advantages and disadvantages of creating a new manufacturing facility, or "Greenfield," in each country. While Germany provides economic strengths and access to the EU market, operating costs are higher and the Euro's value is uncertain. South Africa offers lower costs and access to the African market, but risks include currency instability and some social and regulatory challenges. Ultimately, the document recommends expanding to South Africa due to its growth potential, natural resources, and ability to reach hundreds of millions of African consumers.
This document provides an overview of cultural and creative industries in Egypt. It notes that while Egypt has a rich cultural heritage, the contribution of cultural and creative industries to the economy remains modest due to a lack of official data and definition. Some key industries identified include crafts, design, publishing, and digital media. Exports of cultural and creative goods have increased in recent years, with art and crafts making up over half of such exports. The film industry has struggled with bureaucracy but digital distribution is now providing new opportunities. Cultural infrastructure includes 81 museums, 40 theaters, and 78 cinemas across the country.
Healthcare Sector in Romania 2021 - Opportunities for foreign players - A dem...Jackie Bojor
Over the following 6-7 years, the Romanian public health sector will benefit from approx 4 bn EUR investments. There are potential opportunities for the foreign specialists involved in hospital design and architecture, health digital solutions, hospital equipment manufacturing, health-tech etc.
Are you interested to learn more about the new hospital projects to be tendered in Romania in 2021? About the announced investments in the Romanian public healthcare system? How to meet the local relevant decision makers and potential partners?
Consult the The Healthcare Sector in Romania 2021 – A DEMO Sector Overview by FRD Center. In this report:
1. Current and expected evolution of the Romanian economy
2. The Romanian market of hospital equipment and med-tech
3. Announced investments in the Romanian public healthcare system
4. Examples of local importer-distributors of hospital equipment
5. Analysis of the hospital equipment imports
6. Analysis of the procurement procedures in the Romanian public healthcare
7. Examples of potential partners in the Romanian healthcare market
Mmix Armenia Investment Opportunities Jan 2017 v1Raffy Semerdjian
This document provides an overview of investment opportunities in Armenia in 2017. It begins with an introduction and outlines the report's purpose to provide potential investors an overview of key indicators and sectors with considerable returns. Several sections then analyze Armenia's socio-economic landscape including demographics, economy, infrastructure, market overview, investment climate, incentives and promising industries such as IT, mining, agriculture, and tourism. Success stories of investments from companies such as Pernod Ricard, HSBC, and Hilton are also highlighted.
This document’s objective is to become a census registry of “Who’s Who” in Italy in the vital sector of high-tech start-up’s eco-system. It will identify and summarize each player: universities, incubators, accelerators, financial players, scholarship providers, domestic and international institutions and that provide support in this space.
Final report of France Digitale - startups financing - web investors forumFrenchWeb.fr
Rapport (en anglais) rédigé par France Digitale sur demande de la Commission européenne au sujet du financement des start-ups en Europe et sur les pistes pour l'améliorer. Document publié en novembre 2014.
An overview of the European venture and growth financing market in 2016 based on Go4Venture’s Headline Transactions Index (HTI) http://go4venture.com/go4venture-2016-year-end-review/
"Introductory Presentation on Remittances" by Dominique Villeneuve, PlaNet Fi...hmagrissy
This document summarizes a presentation on remittances given at a workshop. It begins with an introduction and overview of remittances that defines them as money flows sent by immigrant workers to relatives. It then discusses key topics like the huge and growing volumes of remittances globally, important characteristics of remittance corridors and providers, and migrants' expectations and behaviors. The document outlines main issues around the formal vs informal sector, costs of remittances, reaching remote recipients, and use of funds. It concludes by summarizing approaches to remittances by organizations like AFD, the African Development Bank, and PlaNet Finance which focus on partnerships, financial products, and financial literacy.
The document summarizes information from the Geneva European Midcap Event 2015 presentation by TIP (Tamburi Investment Partners). It provides key figures on TIP's investments and performance over the past 10 years, including total returns significantly outperforming various indexes. TIP has invested over 1.7 billion euros in more than 10 companies with global leadership positions across various industries like technology, luxury, healthcare, and retail.
Similar to Foreign direct investment in the Med countries in 2008: Facing the crisis (20)
Etude StartupBRICS : « La Tech africaine au service de la lutte contre les ép...Samir Abdelkrim
Conviés à Lavaur ce 15 octobre pour la conférence annuelle de la Fondation Pierre Fabre, Samir Abdelkrim et Julie Lanckriet intervenaient en tant que speakers pour détailler le rôle de la Tech africaine dans la réponse aux épidémies à travers la présentation d'une étude réalisée par StartupBRICS et intitulée : « La Tech au service de la lutte contre les épidémies en Afrique de l’Ouest » et en détaillant les dernières évolutions de la réponse Tech au Covid en Afrique, et leur son impact sur les écosystèmes. L'étude révèle qu'en 3 mois à peine, +180 initiatives recensées aux quatre coins du continent par l'équipe StartupBRICS. Créé en 2016 par la Fondation, l’Observatoire de la e-Santé dans les Pays du Sud (ODESS) source, documente et valorise chaque année les meilleures initiatives e-santé au bénéfice des populations les plus fragiles, avec déjà près de 30 projets financés depuis sa création et plus de 150 initiatives valorisées à travers 70 pays en Afrique et en Asie. À cette occasion, le fondateur de StartupBRICS et son bras-droit ont insisté sur le rôle pionnier de la Tech dans la gestion de l’épidémie d’Ébola qui a frappé l’Afrique de l’Ouest de 2014 à 2016, avant de détailler ses nouvelles manifestations en 2020, cette fois face au Covid.
Startup BRICS : Diaspora Entrepreneurship & French Tech (VF)Samir Abdelkrim
Startup BRICS explique comment les Diaspora Tech et le Diaspora Entrepreneurship peuvent connecter les écosystèmes tech et startups entre la French Tech et les pays émergents, notamment l'Afrique ? Une présentation de Startup BRICS, le blog de référence de l'Actu Tech & Startup des BRICS et pays émergents
Etude sur les profils et attentes des incubateurs, technopôles et centres de valorisation.
L’étude Promotion de l’innovation en Méditerranée s’appuie sur un travail de terrain, un recensement des programmes existants, des ateliers avec les « acteurs méditerranéens du changement » pour proposer un état des lieux des écosystèmes de l’innovation qui se développent au sud de la Méditerranée.
Partenariat entre ANIMA Investment Network, la Banque Européenne d'Investissement et le Centre de Marseille pour l'intégration en Méditerranée
Auteurs : Sébastien Dagault, Amina Ziane-Chérif, Arturo Menendez, avec les contributions d'Emmanuel Noutary (propositions & recommandations), Zoé Luçon (appui méthodologique), Manal Tabet (Fonds d'investissements) & Samir Abdelkrim (cas d'études et thématique Diasporas, cartographie MedMaps) / ANIMA : www.anima.coop
Opportunités Med: 25 filières à développer aujourd'hui en MéditerranéeSamir Abdelkrim
Les entreprises qui s'intéressent à la Méditerranée posent souvent la question des opportunités offertes pour investir. Ce recueil propose une première liste de 25 niches estimées attractives et durables par l'équipe ANIMA. Il s'agit souvent d'activités à contre-courant par rapport aux grands projets d'investissement (immobilier, tourisme de masse, banque etc.), mais qui pourraient préfigurer ce que sera demain le paysage économique méditerranéen.
Les 25 fiches proposées couvrent filières traditionnelles (textile, tourisme etc.) et nouveaux métiers (gestion de flotte et "facility management", formation professionnelle, logistique intégrée…). A la base du choix de ces filières, ANIMA a raisonné en termes de besoins de la région et de positionnement de son outil productif :
-ajouter de la valeur ou des éléments différenciants à des secteurs souffrant d’une compétition internationale sévère (montée en technicité du secteur textile, diversification touristique, transformation agro-alimentaire, etc.);
-développer des activités entièrement nouvelles, grâce aux nouvelles technologies, ou aux opportunités offertes par la mondialisation (prestations 3D, développement web offshore, tourisme de santé);
-créer de nouveaux marchés verts en Méditerranée, accompagnant la croissance urbaine rapide et le décollage industriel (efficacité énergétique, éolien, éclairage urbain, rénovation de l’habitat social, gestion des déchets, études environnementales, etc.)
Auteurs : Pierre Henry, Samir Abdelkrim, Adeline Joanny, Bénédict de Saint Laurent / ANIMA : www.anima.coop
Investissement socialement responsable : quelle stratégie pour la Méditerranée ?Samir Abdelkrim
Auteurs : Jeanne Lapujade & Zoé Luçon, avec la contribution de Bénédict de Saint Laurent, Manal Tabet, Emmanuel Noutary, Samir Abdelkrim et Amina Ziane-Cherif / ANIMA : www.anima.coop
Comment renforcer la contribution des investissements au développement durable des pays méditerranéens ? ANIMA apporte des pistes de réponses et d’actions en publiant une étude sur « Investissement socialement responsable : quelle stratégie pour la Méditerranée ? » dans le cadre du projet Invest in Med, soutenu par la Commission européenne.
Les investissements sont jusqu’à présents peu durables en Méditerranée, et ne produisent pas tous les effets escomptés, aussi bien sur le plan économique (croissance, productivité) que social (création d’emplois et de compétences) et environnemental (préservation des ressources naturelles). Après avoir brossé un état des lieux des impacts de l’investissement sur ces trois piliers du développement durable, l’étude propose une analyse des motivations, stratégies et outils à disposition des quatre grandes catégories d’acteurs de l’investissement socialement responsable (ISR) et de la responsabilité sociale des entreprises (RSE) en Méditerranée : les pouvoirs publics, les organisations de soutien aux entreprises, les entreprises et les acteurs financiers.
Elle propose ensuite trois séries de recommandations destinées aux acteurs publics. Ces recommandations sont assorties de pistes d’action que se proposent de mettre en œuvre ANIMA, ses partenaires institutionnels et les réseaux d’opérateurs intermédiaires réunis au sein de la MedAlliance.
Auteurs : Jeanne Lapujade & Zoé Luçon, avec la contribution de Bénédict de Saint Laurent, Manal Tabet, Emmanuel Noutary, Samir Abdelkrim et Amina Ziane-Cherif / ANIMA : www.anima.coop
Investissements directs étrangers et partenariats vers les pays MED en 2009Samir Abdelkrim
Selon l’observatoire ANIMA-MIPO, les investissements directs étrangers (IDE) vers l'espace MED ont moins reculé qu’au niveau mondial. Le montant net d'IDE annoncé en 2009 s'élève à 32,3 milliards d'euros, soit -17% sur 2008 (contre -35% au niveau mondial selon la CNUCED).
Première nouveauté, ANIMA-MIPO enregistre désormais les projets de partenariats. Ils n’ont jamais été aussi nombreux (300 en 2009) : les entreprises s’adaptent aux nouvelles conditions de marché et lancent des projets plus petits et moins risqués. Autre effet de la crise, le bonus pour la proximité joue à plein : les IDE des entreprises européennes repartent à la hausse en 2009.
Deuxième évolution : un atlas en ligne de l’investissement est désormais associé à ANIMA-MIPO. Visualisez tous les projets en temps réel sur www.medmaps.eu, et téléchargez le bilan annuel 2009 ANIMA-MIPO et le communiqué de presse.
Auteurs : Bénédict de Saint-Laurent, Zoé Luçon, Pierre Henry, Samir Abdelkrim, Jeanne Lapujade / ANIMA : www.anima.coop
Histoires d’entrepreneurs qui ont réussi dans l’espace euro-méditerranéenSamir Abdelkrim
Les entrepreneurs ouvrent la voie en rapprochant les rives nord et sud de la Méditerranée, comme le prouve une collection de témoignages de succès. Cette collection, compilée par la Banque européenne d’investissement, la Commission européenne et ANIMA Investment Network (1) , va être présentée aux ministres des finances de l’UE et des pays partenaires méditerranéens demain à Bruxelles. Elle montre que la coopération dans la région est déjà une réalité économique, sociale et humaine.
Dans une déclaration commune, M. Philippe de Fontaine Vive, Vice-président de la BEI, M. Günter Verheugen, commissaire européen chargé de l’industrie, et Mme Benita Ferrero-Waldner, commissaire européenne chargée des relations extérieures, ont déclaré : « En cette période d’incertitude économique, la coopération entre l’Europe et la Méditerranée est plus importante que jamais. Fort de quelque 750 millions d’habitants, le marché euro-méditerranéen pourrait aider les deux rives de la Méditerranée à faire face à la concurrence d’autres régions du monde, mais les échanges commerciaux et les investissements doivent pour cela être encouragés. La politique européenne de voisinage et l’Union pour la Méditerranée ont pour but d’approfondir et de renforcer ces liens en proposant un cadre politique et financier pour la coopération. »
Auteurs : Marie Corman (Commission Européenne), Joyce Liyan (Banque Européenne d'Investissement), Samir Abdelkrim (rédaction, titrage) & Bénédict de Saint Laurent / ANIMA
MedFunds 2011: Panorama du capital-investissement en Méditerranée Samir Abdelkrim
Le capital-investissement s'est beaucoup développé au sud de la Méditerranée depuis les années 2000, en particulier dans les pays arabes, où il était très peu présent auparavant. Aujourd’hui, près de 309 sociétés de gestions s’intéressent à la région et y interviennent par l’intermédiaire de 534 fonds. Le présente rapport donne un panorama à jour de l’activité de capital-investissement dans la région Med, analysant son impact en termes de création d’emplois et de croissance, soulignant les nouvelles opportunités offertes et étudiant son potentiel de développement.
Auteurs : Manal Tabet et Bénédict de Saint Laurent, avec la contribution de Samir Abdelkrim (Fonds Maghreb) - ANIMA : www.anima.coop
Diasporas : passerelles pour l’investissement, l’entrepreneuriat et l’innovat...Samir Abdelkrim
Cibler et mobiliser les diasporas qualifiées pour accélérer le développement économique dans le contexte de la mondialisation, tel est le nouvel enjeu économique des pays MED. Pour la quasi-totalité des pays composant la région MED, il s’agit d’une option « gagnant-gagnant » pouvant permettre à la fois d’accroître les sources de revenus externes, de tirer profit d’un capital humain doté d’une double culture et de multiples talents, et enfin d’attirer davantage de projets d’investissements - au départ modestes mais à forte valeur ajoutée et créateurs d’emplois (TIC, agroalimentaire, énergies renouvelables, etc.). Reposant en partie sur l’analyse des contributions effectuées par plusieurs centaines de réseaux de diaspora MED en faveur du développement de leur pays d’origine (un annuaire comprenant 470 réseaux de talents de la diaspora MED a été compilé), cette étude se propose de répondre aux questions suivantes :
• Pour les pays d’origine MED, en quoi la circulation des compétences de la diaspora peut être un phénomène positif pouvant apporter de vrais gains de compétitivité ainsi qu’un renforcement des capacités innovantes ?
• Sur le terrain, comment les réseaux de talents peuvent répondre concrètement aux besoins domestiques en matière d’investissement productif et de partenariat ? Comment, au travers du financement, du mentorat et de l’accompagnement à l’international, les talents de la diaspora peuvent favoriser l’émergence des champions MED de demain ?
Sur le modèle des réussites indiennes ou chinoises, qui ont largement utilisé les diasporas qualifiées pour réaliser leurs avancées technologiques, les pays MED ont intérêt à amorcer avec les réseaux de talents des coopérations nouvelles, pragmatiques et orientées vers la création de valeur ajoutée. Pour dépasser le stade des déclarations d’intention, ANIMA et Invest in Med proposent dans ce rapport un plan d’action pour accélérer la mobilisation des talents de la diaspora MED.
Etude rédigée par Samir Abdelkrim (méthodologie, rédaction, interviews, création de l'annuaire des réseaux de compétences MedDiaspora), avec la contribution additionnelle de Sébastien Dagault, Zoé Luçon, Bénédict de Saint Laurent
Les investissements directs étrangers dans la région MEDA en 2007 : intégrati...Samir Abdelkrim
Panorama de l'investissement direct étranger en Méditerranée, analyse ANIMA-MIPO pour la revue IEMed
Pierre Henry / Samir Abdelkrim / Bénédict de Saint Laurent (ANIMA)
Atlas des investissements et partenariats en MéditerranéeSamir Abdelkrim
Fournir aux décideurs économiques une image en temps réel des grandes tendances de l’investissement direct étranger dans la région MED. Aider les entrepreneurs souhaitant prendre pied sur les marchés méditerranéens à obtenir une première short list des principaux territoires d’implantation ou d’obtenir le détail des investissements réalisés sur une zone géographique. Tel est l’objectif d'ANIMA-MedMaps (www.medmaps.eu), le nouvel Atlas des investissements et partenariats développé par ANIMA dans le cadre du programme Invest in Med. Véritable boussole de l’investissement, ANIMA-MedMaps permet aux acteurs du développement économique de géolocaliser en ligne :
Les projets d’investissements et de partenariats détectés par l’observatoire ANIMA-MIPO (Mediterranean Investment and Partnership Observatory). Cet observatoire répertorie depuis 2003 les annonces d’investissements directs étrangers (IDE) et de partenariats noués par des investisseurs dans les pays MED;
Des infos business détaillées projet par projet (nom de l’investisseur, secteur concerné par l’investissement ou le partenariat, liens web de l’entreprise, etc.). Plus de 5 000 projets d’investissements et de partenariats sont actuellement en cours de géolocalisation par l’équipe ANIMA;
Les principales zones d’activité économique situés sur la rive sud de la Méditerranée (technopôles et pôles de compétitivité, zones industrielles, incubateurs, etc.).
ANIMA-MedMaps propose, à travers ce recueil de 15 cartes thématiques (portant, sauf exceptions, sur la période allant de janvier 2008 à avril 2010), de donner aux décideurs un instantané de la situation de l’investissement étranger dans l’espace MED. En permettant de mieux comprendre les logiques d’implantation territoriales et sectorielles des entreprises, ANIMA-MedMaps contribuera à mettre en évidence les dynamiques économiques actuellement à l’œuvre en Méditerranée.
Auteurs : Samir Abdelkrim (rédaction, cartographie, conception de www.MedMaps.eu), avec la contribution additionnelle de Bénédict de Saint Laurent
Ce guide est la première étape d’un travail de recensement et de géolocalisation de l’activité économique en Méditerranée, mis en place par le programme Invest in Med pour aider les pays à mieux se connaître et se comparer.
Mais l’objectif est surtout de fournir aux investisseurs, notamment étrangers, qui ciblent 9 des pays sud-méditerranéens bénéficiaires du programme Invest in Med, un outil opérationnel pour les aider à répondre aux questions suivantes :
Quels sont les pays qui souhaitent favoriser le développement des entreprises de mon secteur ?
Quelles sont les régions dans lesquelles mes activités peuvent se développer ? Quelles sont les infrastructures, les zones d’activité industrielle ou économique auprès desquelles j’ai des chances de trouver mes partenaires, sous-traitants, concurrents ?
Quels sont les dispositifs incitatifs ou facilitateurs qui me concernent ? Qui contacter pour les activer?
Les utilisateurs de ce guide ont le choix entre 3 portes d’entrée pour accéder à l’information : un jeu de 3 cartes légendées par pays (ressources, industrie, services), qui offrent une vision des principaux secteurs d’activité développés, ainsi que des infrastructures et zones aménagées sur lesquelles se polarise le développement économique ; pour chaque pays, un jeu de fiches synthétiques sur la stratégie industrielle et la position vis-à-vis des investisseurs étrangers ; pour 15 grands secteurs dont le développement est jugé prioritaire par les pays Med, la liste des pays dans lesquels chacun de ces secteurs est présent et, pour chaque pays, une fiche sur les enjeux, opportunités, dispositifs et contacts pour ce secteur.
Auteurs : Jeanne Lapujade (chef de projet) et Emmanuel Noutary, avec la contribution de Pierre Henry, Samir Abdelkrim (cartographie, géolocalisation des zones et acteurs économiques en Méditerranée), Bénédict de Saint Laurent, Zoé Luçon / ANIMA : www.anima.coop
Investissement direct étranger vers les pays Med en 2008: Face à la criseSamir Abdelkrim
L’investissement direct étranger (IDE) destiné aux pays Med est en recul depuis 2007. En 2008, les 13 pays du Sud et de l’Est de la Méditerranée suivis par ANIMA ont commencé à être touchés par la crise économique et financière mondiale : ces pays ont reçu un peu moins de 40 milliards d’euros d’IDE annoncé en 2008 (-35%) Le nombre total de projets détectés en 2008 recule d'à peine 6% (778 projets). Beaucoup de ces projets cependant sont d’ores et déjà minorés, quand il ne s’agit pas d’annulations pures et simples. Après plusieurs années de domination des projets venant du Golfe, les entreprises européennes sont à nouveau les principaux investisseurs dans la région.
Les raisons d’espérer ne manquent pas cependant. Pour de plus en plus d’entreprises, européennes mais pas seulement, la Méditerranée apparaît comme une solution, un recours possible en termes de marché, de maîtrise des coûts ou de partenariats. En grec, κρίσις, la crise, signifie le « moment de la décision ». C’est le grand défi industriel de l’ensemble euro-méditerranéen : trouver, en ces temps de crise, un mode original de coopération économique bénéficiaire dans la durée aux deux rives de la Méditerranée.
Samir Abdelkrim / Pierre Henry / Bénédict de Saint Laurent (ANIMA)
Investissement direct étranger vers MEDA en 2007 : la bascule Samir Abdelkrim
Retrouvez les données les plus récentes, toutes les analyses de nos experts, les dernières tendances sur l’investissement direct étranger en Méditerranée dans l’édition 2007 du rapport de l’Observatoire MIPO. www.anima.coop
Auteurs : Samir Abdelkrim, Pierre Henry, Bénédict de Saint Laurent
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3.
Foreign direct
investment in the Med
countries in 2008
Facing the crisis
S t u d y N ° 3
M a r c h 2 0 0 9
A N I M A I n v e s t m e n t N e t w o r k
Samir Abdelkrim / Pierre Henry
5. Foreign direct investments in the Med region in 2008
3
Acronyms
AFII: Invest in France Agency
ANIMA: Euro‐Mediterranean network of players for economic
development
EU: European Union (often referred to as EU‐15, or former members, E‐
U10, or new members and EU‐27)
FDI: Foreign Direct Investment
GDP: Gross Domestic Product
GNP: Gross National Product
ICT: Information and Communication Technologies
IPA: Investment Promotion Agency
Med‐13: Group of 13 neighbour countries of Europe, 9 Mediterranean
Partners Countries of the EU (Algeria, Egypt, Israel, Jordan, Lebanon,
Morocco, Palestinian Authority, Syria, Tunisia), one country observer
(Libya), 2 former MEDA countries (Malta and Cyprus) who joined the
Union in May 2004, and one country to become a member, Turkey.
Med‐10: the same without Libya, Malta and Cyprus (with Turkey)
MENA: Middle East ‐ North Africa = Med‐10 + Mauritania, Libya, Sudan,
countries of the GCC + Yemen, Iran, Iraq, Afghanistan, Pakistan (at times
variable geometry)
MIPO: Mediterranean Investment Project Observatory
MPCs: Mediterranean Partners Country of the EU
R&D: Research and Development
SCSC: Software and Computing Services Company
UNCTAD: United Nations Conference on Trade and Development
WIR: World Investment Report (UNCTAD report on world investment)
WTO: World Trade Organisation
6. Foreign direct investment in the Med region in 2008
4
List of contents
Preface: crisis, the opportune moment ................................................. 7
A global contagion ........................................................................................... 7
FDI… can do better! ......................................................................................... 8
Positioning: the Mediterranean, an anti‐crisis remedy for Europe . 9
European enterprise seeks low cost growth buffers .................................... 9
In the face of recession, the Med region trump cards .................................. 10
To make the windfall last, need for public authority support ................... 15
1. Synopsis: investment, 1st victim of the crisis ................................. 17
After a record year in 2007, FDI plunges in 2008 ......................................... 17
Net decline in 2008 ..................................................................................................... 18
Regional dynamics: Turkey takes the lead, Machrek and Maghreb slip .. 21
Maghreb: the hidden costs of the lack of economic integration ......................... 21
Machrek: Egypt marks time, Lebanon picks itself up .......................................... 23
Origin of the FDI flows: Europe takes the lead again.................................. 25
Investments from the Gulf States: the swansong? ................................................ 26
Euromed integration continues ................................................................................ 27
Profile of foreign investors in the Med region .............................................. 29
Types of business: preponderance of multinationals ........................................... 29
Investors from Europe, the Gulf States and North America: sectoral
competition and complementarity .......................................................................... 29
Methods of installation: grassroots creations and acquisitions of existing
assets run 50/50 ........................................................................................................... 30
Sectors: BTP and energy still in the lead, but more modest projects ......... 30
Target investments with strong local spin‐offs ............................................ 34
Honours list for the largest projects ............................................................... 35
2. Sectoral analysis of FDI in the Med region ..................................... 37
Sectoral panorama 2008 ............................................................................................. 37
A pronounced imbalance in the sectoral distribution of projects .............. 38
Sectoral distribution of the stock of FDI 2003‐2008 ............................................... 39
Jobs creation under the sectoral microscope ................................................ 39
Focus: 5 key sectors in the face of the crisis .................................................. 41
Transport and logistics .............................................................................................. 41
7. Foreign direct investments in the Med region in 2008
5
Software services, engineering & other business services .................................. 44
Mechanical industries ............................................................................................... 47
Textile ........................................................................................................................... 51
Electronics industry ................................................................................................... 53
3. Country profiles‐2008 .......................................................................... 57
Algeria: new challenges in sight .............................................................................. 57
Tunisia: priority to industry ..................................................................................... 62
Morocco: facing up to the European slowdown ................................................... 57
Egypt: priority to endogenous growth ................................................................... 64
Libya: rebirth continues ............................................................................................ 64
Israel: investments in R&D to prepare for the post‐crisis ................................... 68
Syria: return to grace ................................................................................................. 70
Jordan: consolidate strengths ................................................................................... 71
Turkey: Europe’s workshop enters a zone of turbulence.................................... 71
Lebanon: business is picking up .............................................................................. 74
Palestinian Authority: no giving in! ....................................................................... 77
Cyprus: full steam ahead! ......................................................................................... 78
Malta: high tech propulsion ..................................................................................... 79
4. Annexes .................................................................................................. 80
Annex 1. List of detected projects in 2008 (ANIMA‐MIPO) ....................... 80
Annex 2. Direct job creation announced, by sector (ANIMA‐MIPO
2008) 153
Annex 3. Sectoral distribution of FDI projects in 2008 (foreign share in
gross budgets as announced & number of projects, ANIMA‐MIPO) ........ 154
Annex 4. Origin‐destination cross table 2003‐08 (foreign share in gross
budgets as announced, ANIMA‐MIPO) ........................................................ 155
Annex 5. Methodology .................................................................................... 156
Approach ..................................................................................................................... 156
Selection criteria ......................................................................................................... 157
Recent methodological changes .............................................................................. 158
Sectoral nomenclature ............................................................................................... 159
8.
9.
Preface: crisis, the opportune
moment
By Bénédict de Saint Laurent, general delegate of the ANIMA network
A global contagion
In 2008, the countries to the South and East of the Mediterranean started to
be affected by the world economic and financial crisis, a little later than
elsewhere and with a certain attenuation of its effects. The 13 countries
which border the Mediterranean and which are monitored by ANIMA
(Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Palestinian Authority,
Syria, Tunisia, plus Turkey, Libya, Malta and Cyprus) received a little less
than 40 billion euros of foreign direct investment (FDI) in 2008 (‐35%),
against 61 billion in 2007 and 68 billion in 2006. The number of projects (778
projects) only dropped by 6% ‐ the largest projects (except those in the
energy domain) and investments coming from the Gulf States being the
most affected.
This is a worldwide situation. According to the first UNCTAD estimations,
(the UNCTAD observes the effective flows, whereas ANIMA works on the
announcements from companies), the overall drop in FDI was 22% in 2008
and should further accentuate in 2009. Second round effects are possible,
with the drop in consumption in developed countries, the reduction in
migrant transfers, the drop in crude oil income and more difficult access to
credit.
A good number of projects, particularly in the automobile sector, have
already been scaled down (for example, the participation of Nissan in the
global plant at Tangiers‐Med next to Renault), when they have not purely
and simply been cancelled (for example, in the real estate sector, projects
coming from the Gulf States).
There remain, however, good reasons for hope. The World Bank forecasts
growth of 3.9% in 2009 for the countries of the South and East of the
Mediterranean. Certain of the more autarkic countries, such as Algeria, are
less exposed to the crisis. Cheaper oil and low inflation will benefit other
Med countries. Finally, for European industry, the Mediterranean often
appears as a solution, a possible recourse in terms of market, cost control or
10. Foreign direct investment in the Med region in 2008
8
partnerships. In any event, it is this latter objective that the Invest in Med
programme is attacking.
In certain aspects, the crisis also has a salutary effect. In Greek, κρίσις, the
crisis, means ‘the opportune moment’. A certain speculative bubble is
bursting in the tourism and high‐end real estate sectors. It is now time for
the countries concerned to think of ways of attracting more sustainable and
more socially useful projects.
FDI… can do better!
The South of the Mediterranean largely remains a weak and dominated
economic area. Foreign investment has a vital character, because of the lack
of productive capital and the need for the transfer of know‐how, but it is
often uncontrolled (projects accepted as they are, often gigantic, short term
vision, little appropriation). It creates wealth, but is accompanied by limited
re‐distribution, with insufficient economic multipliers (local spin‐offs, value
chain) and too many polluting projects (real estate, chemicals...). The
Mediterranean economic development model is very often of little
satisfaction (sub‐contracting, mass tourism, junk plants, brain drain …) and
certain ‘new operators’ show little concern for human development…
Too few direct jobs are created by FDI projects (more than 2 million direct
jobs in 6 years according to ANIMA‐MIPO estimates, see figure 17 infra, and
this figure would seem to be dropping). It perhaps corresponds to 3 or 4
times more indirect jobs, when in reality the need is to create 10 times as
many jobs (3 to 4 million jobs a year). It is therefore indispensible to
complete FDI (92% emanating from large companies) with projects proposed
by SMEs, local and foreign. This involves taking an interest in the creation of
a well‐rooted fabric of large, medium and small companies working
together, on an often transnational scale. This is the great industrial
challenge of the Euro‐Mediterranean region, finding an original mode of
economic cooperation which will benefit the two shores of the Mediterranean over
time.
11.
Positioning: the Mediterranean,
an anti-crisis remedy for Europe
By Emmanuel Noutary, director of the Invest in Med programme
European enterprise seeks low cost growth buffers
European businesses are depressed. The financial crisis and the anticipated
reinforcement of the measures of caution from the banks, promise them
fifteen to eighteen difficult months: fewer sources of finance, or greater
difficulties in mobilising it and at the same time, an already perceptible
shrinking of demand. The European Commission has announced a decline
of 1.8% for 2009 over the whole of the European Union (‐1.9% for the Euro
area), and a timid recovery (+0.5%) in 2010. And this is taking account of the
revival plans implemented by the States themselves.
The effects of the financial crisis and the recession it has provoked are not,
however, homogeneous throughout Europe (Figure 1):
Certain of the countries who recently joined the Union (Romania,
Bulgaria, Poland, Slovenia, Slovakia, Czech Republic, Cyprus and
Malta) and have been bolstered by structural programmes have not
(yet) built their growth on household indebtedness and the support of
public authorities. While they will not escape a decline in investment, as
a result of the banking crisis, their consumption should to a large extent
be maintained and their growth remain positive in 2009.1
On the contrary, those likely to be most affected are those which have,
in recent years, experienced growth more based upon the real estate
boom and household indebtedness (Latvia, Estonia, Lithuania, Ireland,
Spain, Luxemburg, Hungary and the United Kingdom). Among them,
only Estonia, Luxemburg and Hungary should rediscover significantly
positive growth in 2010.
Between the two are to be found the majority of main European
suppliers to the Med countries (Germany, Belgium, France, Greece,
Italy, Portugal) as well as the northern European countries and Austria.
1 European Commission (Interim Forecast January 2009).
12. Foreign direct investment in the Med region in 2008
10
All should lose between four and five points in growth between 2008
and 2009, but pick themselves up from 2010. The impact will
nevertheless be heavy on investment, as it will on consumption.
Figure 1. Private consumption growth in Europe (in %)
Main suppliers of Med countries 2008 2009 2010
Germany 0.0% 0.8% 0.0%
Belgium 0.9% ‐0.4% 0.3%
Spain 0.4% ‐2.6% 0.0%
France 1.1% 0.1% 0.3%
Greece 2.4% 0.7% 0.7%
Italy ‐0.4% ‐0.3% 0.7%
Portugal 1.4% ‐0.2% 0.1%
Euro Zone 0.5% ‐0.1% 0.3%
UE 27 1% ‐0.4% 0.4%
Source: European Commission (interim forecast, January 2009)
The sectors of consumption which will suffer initially are those segments
traditionally considered as less of a priority by consumers: the whole of the
tourist and leisure industry, catering, clothing, household equipment, high‐
tech and communication products. More generally, a modification of
purchasing behaviour is to be foreseen, with a decrease in the value of the
shopping basket and an orientation towards the discounters.
For European businesses, it is a tricky equation. Faced with the decline in
demand on their markets, they have to think of finding new outlets. At the
same time, the expected drop in profits and the financing difficulties
encountered prevents large investments for exports. At the same time, the
hunt for low prices further accentuates the pressure on profits, obliges
companies to increase competitiveness, and seek cheaper means of
production.
In the face of recession, the Med region trump cards
In this very special context, the countries South of the Mediterranean present
a credible proposal for European businesses: both as solvent growth buffer
and competitive production costs, supported by a banking system that has
rather been spared from the crisis. In Germany, France, Italy or Spain
especially ‐ who each represent up to 30% of the imports of the countries of
13. Foreign direct investments in the Med region in 2008
11
the South – the commercial habits may contribute to an opportune relocation
of businesses towards the Med countries.
Of course, the Mediterranean countries will not be spared a certain
slowdown, accompanied in certain sectors by large job losses. The majority
of the sectors subjected to external demand, the foremost of which being
automobile sub‐contracting and the textile sector will experience air pockets.
Tourism also, very much linked to European demand, is starting to show
signs of a loss of steam. But other sectors continue to progress in exports,
particularly in the externalisation of support functions (computer services,
customer relations management, etc.).
The structural environment of the countries of the region, many of which
have today committed to important reforms so that their economies evolve
towards a greater opening to private initiative, including foreign (see box),
places them in a favourable position today:
The rules imposed by the States on local banks have prevented them
from investing in structured products which mask ‘toxic’ assets. Finally,
the reproach made to the south of the Mediterranean financial systems,
which of being poorly connected to the rest of the world, has today
become an asset. For the Med banking sector is in good health: the
percentage of the population with access to banking is growing in all
segments of the market, which further distances the effects of the cash
crisis. The system therefore has the capacity to promote the
development of national and foreign companies. On the condition that
it wants to or that is solicited so to do by the public authorities.
Unlike that of other developing countries in the world, the currencies of
the countries South of the Mediterranean are faring well in the face of
the Euro. In a year, the currencies of Jordan, Egypt and Lebanon have
appreciated by 10% to 13%, the Moroccan dirham by 3% and the
Algerian Dinar by 5%. Only in Tunisia can there be observed a slight
depreciation of the Dinar, by 4%. The situation is far from the
vertiginous slide of local currencies against the Euro observed in
Ukraine (‐29%), Romania (– 26%), Poland and Russia (‐20%), Hungary (‐
17%), India (‐16%) or Brazil (‐13%). Hence, the local opportunities of the
Med countries present a solvency that the BRIC countries (China apart)
have lost.
14. Foreign direct investment in the Med region in 2008
12
The local markets South of the Mediterranean are developing. In this
period, the public authorities in the area are intensifying even more
their efforts to create jobs, improve the average income and the level of
competence, and raise the living standard of the populations. While a
slight slowdown is anticipated in 2009, growth will remain sustained
and will take up its cruising speed of nearly 4% per annum on average
from 2010 onwards. Private consumption remains dynamic, even in
2009, which makes the region a possible area to absorb the European
surpluses which find it hard to locate outlets.
Figure 2. GDP and private consumption growth in a few Med countries
Country
GDP Growth (%) Private consumption growth (%)
2009 2010 2009 2010
Algeria 2.25% 5.2% 5.3% 5.0%
Egypt 3.87% 3.87% 6.3% 5.0%
Jordan 3.4% 2.9% 2.7% 2.5%
Morocco 2.7% 3.8% 3.2% 4.2%
Tunisia 2.84% 3.8% 3.6% 4.3%
Source: Economist Intelligence Unit
In consequence, the opportunities which the Med countries offer would
appear to be numerous:
The distribution and logistics sectors today present formidable potential
in these countries. Certain operators have already taken their places, the
likes of Wal‐Mart or Metro in Egypt, to develop networks of large
shopping centres. But the sector is still to be developed throughout the
area as a whole. For 10 years, the Med countries have furthermore
considerably developed their transport infrastructure networks,
whatever the mode considered (+25% for the main airports, +7% for the
main ports, +60% for the motorways). Despite that, a qualitative hurdle
remains to be cleared for the supply chain operators and the Europeans
have interest in grasping this opportunity. Beyond access to an
immediate market, the prospect of a revival of world consumption on
the 2010‐2011 horizon is an extra argument to take up positions today in
an area which witnesses the passage –between Suez and Gibraltar‐ of 25
to 30% of world flows of high added‐value goods (containers, oil).
15. Foreign direct investments in the Med region in 2008
13
The building sector would seem to resist better in the Med countries
than in Europe. Despite a few property bubbles which are simply
waiting to explode, in Marrakesh for example, and the massive
commitment of the Gulf States – which have suffered the full force of
the financial crisis ‐ in this sector, many programmes in progress
seemed to have been maintained. New players are taking their marks
(as have the Chinese for the past 10 years); the needs are so immense,
especially in terms of the upgrading of the already existing stocks of
accommodation.
The concentration, in constant progression, of the populations towards
the towns and the coast means that everything that affects urban
development, public services and the control of energy, is a major stake
for the countries of the area, including in terms of economic
development.
The businesses in the South nourish a local demand for B2B services
which is progressing strongly. European know‐how (from facility
management to marketing, not forgetting temporary employment and
consulting) beyond the fact of finding welcome outlets, will contribute
to helping the economies of the South clear a qualitative (specialisation
of tasks) and quantitative hurdle (productivity).
In a post‐crisis world economy which will privilege sustainable research
and development, the Med countries have the assets to take their place
more as a production base for Europe (if the latter wants to reconcile its
objectives of reduction of its greenhouse effect emissions and the
economic development of its neighbourhood) but also as a laboratory of
the future on certain questions of universal interest (notably the
management of water).
Finally, the region produces a large number of engineers and start‐ups
in the domain of the new technologies. Mobile telephony is flourishing
here and the development of the 3G could enable the region to at last
place itself in this sector, beyond the traditional relocations of the
customer support centres. E‐commerce is in fact being pushed by the
public authorities and given the low level of development of the cable
networks, M‐commerce (e‐commerce via mobile telephone), which is
slow to develop in Europe could find pioneer markets in the Med
countries and competence in terms of application development. Beyond
16. Foreign direct investment in the Med region in 2008
14
this niche, a joint development of the logistics sector and the ICTs
would enable the area to position itself as the rear base for the large e‐
commerce operators in Europe.
Figure 3. Improvement in the business climate in 2008: a contrasted situation
An analysis of the economic policies introduced by the governments of the Med
countries confirms overall, the determination of the region to make attracting FDI one
of the main levers of its development. But while the traditional champions of
economic opening continue to stoke the fires of reform (free trade area between
Tunisia and the EU, adoption of a law favouring the creation of special new economic
areas in Jordan, reforms of the offshore companies in Lebanon, etc.), retreat strategies,
whilst isolated, raise their heads again:
This is the case in Algeria which, with the adoption of a new law on FDI, wants
to push the foreign groups operating on its soil to re‐invest locally part of the
profits made (majority share of 51% reserved for Algerians in investment projects
promoted by foreigners, obligation for foreign importing businesses to associate
with an Algerian partner, etc.);
In Libya, where foreign businesses fall over each other to lift the large
infrastructure contracts, some contradictory signals are sent to the outside world.
Hence, while promising to open further the banking sector to private
competition (after an initial wave in 2007), Tripoli regularly lets threats of
nationalisation of the foreign oil companies present on its territory filter out.
The real surprise comes from Syria, which continues to emit stronger and
stronger signs of opening up to investors. Starting with the inauguration in great
pomp of the first Stock Exchange in Damascus, in March 2009. Intent on
definitively turning the page on the administered economy, Syria adopted its
first anti‐trust law in 2008, which reinforces the interests of private operators.
Turkey continues to align its legislation on European community law and to liberalise
and privatise vital sectors:
In the energy sector and petrochemicals, production and distribution are in the
process of liberalisation: in addition to the privatisation of Petkim, the
petrochemical giant, several national producers of electricity and gas distribution
networks have passed under foreign control, like Polat Enerji 50% acquired by
the French EDF;
Several large State monopolies have been sold to the private sector, such as the
tobacco and alcohol monopoly.
After several years of prohibition, foreign investors have finally been authorised
to purchase land;
In the audiovisual sector, Parliament has authorised foreigners to hold up to 50%
of the capital in Turkish private media operations, against only 25% previously.
17. Foreign direct investments in the Med region in 2008
15
To make the windfall last, need for public authority
support
To benefit from this economic situation, which is favourable to them, the
Med countries would have every interest in adopting an offensive attitude.
The Invest in Med programme will play its role in backing up regional
actions which may be able to be taken to:
Exploit several sectors for which there exist strong industrial
complementarities between the southern shore and the northern shore
(from organic agriculture to aeronautics) and develop strategies of
selective attraction;
Incite financial institutions and investors to adopt cautious more flexible
rules, so as to favour the development of businesses in their country, as
well as foreign operators who wish to invest in it;
From this day forward, prospect the European businesses who are
looking for buffer growth areas and incite them to invest in the South;
Invest massively in professional training to accompany the sectors
which are today suffering and develop local competence to face up to
the boom in the sectors of the future, which represent the reservoir of
jobs for the years to come.
18.
19.
1. Synopsis: investment, 1st
victim of the crisis
After a record year in 2007, FDI plunges in 2008
Despite the first signs of the international financial crisis, visible since June
2007, the world flows of direct foreign investment in 2007 reached 1.833
billion American dollars (last complete statistical series), an historical record.
The flows aimed at developed economies of course remained largely
dominant, but the FDI captured by the developing world had passed the
symbolic bar of 500 billion dollars (an increase of 21% compared with 2006).
Figure 4. FDI inflows measured by UNCTAD for Med regions and Med share of
world FDI (in million USD, UNCTAD‐WIR)
17 164
32 027
5 860
0%
1%
2%
3%
4%
5%
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Machreck Turkey + Israel
Maghreb Med share of world FDI
The Med2 region took full advantage of the global increase in foreign
investment observed between 2002 and 2006: in 2006, the Med region at last
received a share of world FDI which corresponded to its demographic
importance (4%).
From 2007 however, despite the stability of the incoming flows to Egypt and
a progression of the FDI aimed at the Maghreb and Turkey, the Med share of
world FDI fell below the bar of 4%: the flows of incoming FDI to the
Machrek dipped, whereas those in the direction of Israel receded by one
third.
2 Med 10 (9 MPCs + Turkey), without Libya
20. Foreign direct investment in the Med region in 2008
18
Net decline in 2008
In 2008, the crisis profoundly undermined the very founding principles of
investment, by plunging businesses into uncertainty:
UNCTAD, which records the macro‐economic flows registered in the
external accounts of the countries, thus estimates the overall drop of FDI
in 2008 to be 21% (1.400 billion dollars), and forecasts an even more
heavily marked decline in 2009. The flows aimed at developed countries
are likely to have declined by 33%!
According to partial national data produced by UNCTAD, the Med3
region should suffer only a small decline in FDI well below the global
downward trend (‐9% only), thanks to the good resistance of North
Africa and particularly Egypt (10.9 billion dollars in 2008 against 11.6 in
2007). Besides Egypt, the other 2 heavyweights of the regional economy,
Turkey and Israel, have been more heavily affected (‐26% in Turkey).
Figure 5. 2001‐08 FDI inflows for each Med countries (million USD)
UNCTAD‐WIR for 2001‐2007, estimates for 20084
Region/country 2001 2002 2003 2004 2005 2006 2007 2008
Algeria 1 196 1 065 634 882 1 081 1 795 1 665 7 651
Egypt 510 647 237 2 157 5 376 10 043 11 578 10 900
Israel 3 562 1 651 3 901 2 002 4 881 14 729 9 998 4 708
Jordan 180 122 443 816 1 774 3 219 1 835 2 400
Lebanon 1 451 1 336 2 977 1 993 2 791 2 739 2 845 2 200
Morocco 2 808 481 2 314 895 1 653 2 450 2 577 2 400
Palestine 19 9 18 49 47 19 21 275
Syria 110 115 180 275 500 600 885 1 563
Tunisia 7242 2278 1283 1540 7281 3312 1 618 1 740
Turkey 3 352 1 133 1 751 2 785 10 031 19 989 22 029 16 400
Med 10 20 430 8 837 13 738 13 394 35 415 58 895 55 051 50 315
Libya ‐113 145 143 357 1 038 2 013 2 541 4 501
3 Med 10 (9 MPCs + Turkey), without Libya
4 The 2001‐2007 figures are from data actualised retrospectively, in 2008, by UNCTAD.
The figures for 2008 are estimations published at the beginning of 2009 by UNCTAD
CNUCED for Egypt, Jordan, Lebanon, Morocco and Turkey, and ANIMA estimations
for Israel, Palestine, Syria and Libya (ANIMA‐MIPO annualised flows). The 2008 data
for Algeria and Tunisia are estimations provided at the beginning of 2009 by the
authorities of these countries (ANDI for Algeria and the Ministry of the Economy for
Tunisia).
21. Foreign direct investments in the Med region in 2008
19
Country by country, the situation is highly contrasted (see Figure 5):
UNCTAD, for example, announces increased flows of FDI into Jordan
(+31%), while those recorded by Lebanon are likely to have dropped (‐23%)5!
The ANIMA6 network investment barometer produced using micro‐
economic data (see box: concerning methodology), confirms these trends.
The number of projects identified by ANIMA‐MIPO suffers a slight dip in
2008 (–6%), whereas the amounts announced show a sharp drop (Figure 6):
The accumulated gross amounts of projects announced in 2008 declined
by 38%, which augurs badly for FDI in the following years;
The annualised flow for 2008 shows a drop of 37%, falling well below
the bar of the 40 billion euros, and after the bursting of a sort of
speculative bubble, corresponding to the historical curve of the
UNCTAD flows.
Figure 6. UNCTAD and ANIMA‐MIPO FDI inflows and number of projects for
Med 10 (without Libya)
12 145 10 768
28 466
47 496
40 232
34 386
11 160
14 428
61 771
131 353
92 674
57 421
9 786
12 737
38 631
68 165
56 725
35 547
250
325
657
755 770
722
0
100
200
300
400
500
600
700
800
900
1000
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
110 000
120 000
130 000
2003 2004 2005 2006 2007 2008
FDI flow, UNCTAD‐ €m FDI planned MIPO, €m
FDI/year flow, MIPO, €m Nb. of projects
5 MEED, Gulf suffers significant fall in foreign direct investment, Published: 15 February
2009, Will Hadfield
6ANIMA‐MIPO Observatory, created at the beginning of 2003 to complement the
European observatory of AFII
22. Foreign direct investment in the Med region in 2008
20
In 2007, ANIMA did not see, in the slight consolidation which was
measurable at that point, any real turnaround in the trend. The deep causes
of the growing infatuation for the Mediterranean observed since 2004 did
not in fact seem likely to disappear: petrodollars, commodity boom, real
estate, building materials and tourism, rise in sub‐contracting for the
European markets, the take‐off of Turkey, awareness of the potential of the
Med markets and the renewed interest given to the Euromed space in
general.
In 2008, it has to be pointed out that this environment has changed radically:
collapse in the price of energy, more limited access to credit (international
financing of investment projects and commercial trade), drop in tourist
patronage, bursting of the real estate bubble in the Gulf States, prospect of a
recession on the developed markets, etc. The reasons for hoping that the
considerable flows of FDI in the region would be maintained are hardly in
short supply (see the Positioning article in the introduction of this report).
Figure 7. Talking of methodology
Even if data produced by the Mediterranean Investment Project Observatory (MIPO)
of the ANIMA network on the one hand, and by the UNCTAD on the other hand, aim
at measuring the same object –foreign direct investment–, their respective
methodologies deeply differ: whereas the UNCTAD considers the capital inflows
originated in foreign economies in the balance of payment of each country, the MIPO
data are based on the compilation of FDI projects announcements detected by
ANIMA’s economic intelligence team and its partners.
These FDI projects are registered in the MIPO database whenever their promoters
communicate on their launching or validation, even though the projects are likely to
be implemented over several years. The ANIMA‐MIPO observatory therefore
provides anticipation data, which also differ from UNCTAD data insofar as it does not
take into account the source of the invested capital (reinvested earnings, local or
foreign banking source, etc.).Only the foreign share in the total project budget is
however considered.
The multiplication since 2005 of large‐scale projects totalling billions of dollars forced
ANIMA to produce, apart from the ‘total gross budget announced’ data, new
statistical series of ‘annualised’ data. By introducing a new factor into the MIPO
database (number of years necessary to complete the project according to its
promoters), ANIMA became capable of providing good estimates of the amounts
effectively invested during the considered year.
The interest of having those 2 types of FDI data, gross and annualised, lies in the
possibility to put forward one or the other of the 2 main indications provided by
23. Foreign direct investments in the Med region in 2008
21
ANIMA‐MIPO, this advanced indicator of FDI trends: barometer of investment
intentions (gross declared amounts of the announced projects), and forecast tool for
real FDI flows measured on a given year.
For more details, see the methodological appendix at the end of this report.
Regional dynamics: Turkey takes the lead, Machrek and
Maghreb slip
According to the ANIMA‐MIPO investment barometer, the Maghreb (196
FDI projects, or 25% of the region in 2008) and the Machrek (282 projects or
36% of the region) are in sharp decline in 2008. Only the group ‘‘Other Med
countries’ is progressing; Turkey and Israel carving out the lion’s share, as in
previous years, with more than 60% of the FDI amounts between them (and
304 FDI projects in 2008, 197 of which for Turkey alone). According to
ANIMA‐ MIPO, Turkey is the only Med country to score points.
The intra‐Med investments projects identified only reach 842 million euros
in 2008, in free fall compared with 2007 (5.8 billion euros) and especially
2006 (8.2 billion euros).
Figure 8. Evolution of FDI inflows by sub‐region of destination (annualised flows,
in million euros, ANIMA‐MIPO 2003‐2008)
Destination 2003 2004 2005 2006 2007 2008 Total
Machrek 1 861 4 658 11 615 28 558 27 285 7 280 81 256
Maghreb 6 013 7 251 7 381 11 821 15 830 8 018 56 315
Other Med 1 937 871 20 474 28 608 18 261 24 693 94 844
Total 9 810 12 780 39 471 68 987 61 376 39 991 232 415
Maghreb: the hidden costs of the lack of economic integration
In their concomitant drop, the Maghreb countries came out a little less badly
than the Machrek in 2008 and attracted 8 billion euros in 2008, against 7.3
billion for the Machrek.
The Maghreb attracted numerous projects, mainly European, in energy (53
projects, representing 2.7 billion euros), Building, Public Works ‐ Tourism
(67 projects worth 2.5 billion euros) and Banking‐Insurance (23 projects for
1.2 billion euros). The smoothed amounts of these FDI announced in 2008
are in sharp decline (‐48.7% compared with 2007).
24. Foreign direct investment in the Med region in 2008
22
Figure 9. The cost of the non‐Maghreb
(…) Whereas borders are opening everywhere and regional trade is developing,
North Africa is an exception. A situation denounced by the Secretary General of the
UMA (Arab Maghreb Union) himself in January 2008: estimating inter‐Maghreb
commercial trade at 3.36 % of the total trade of the area, Habib Ben Yahia invited
members to compare these figures with the 21 % of Asean, the 19 % of Mercosur and
the 10.7 % of the CEDEAO. For its part, the World Bank estimated in 2006 that full
economic integration of the sub‐region would provide an important rise in the GDP of
each of the countries, of 24 %, 27 % and 34 %, respectively for Tunisia, Morocco and
Algeria, between 2005 and 2015.
On the contrary, the missed occasions for union are very costly. The experts and the
institutions denounce ‘the cost of the non‐Maghreb’. As concerns the Moroccan
Minister of the Economy and Finance, Salaheddine Mezouar, who in December last,
based on a study completed by his department of Studies and Financial Forecasts
(DEPF) in October 2008, estimated the lost ground at 2.1 billion dollars per annum
(980 million excluding hydrocarbons) in terms of commercial trade. Even more
pessimistic, Habib Ben Yahia estimates the blockage of the integration process costs
2% of the annual growth rate of each country (…).
From ʹMaghreb: les milliards perdus de la désunion‘ by Faïza Ghozali, Jeune Afrique,
17/02/2009
Considered as a whole, the Maghreb stands out for the reinforcement of its
port infrastructures (new container terminals managed by Maersk and PSA
at Tangiers‐Med, DP World which obtained the management of the ports of
Algiers and Jijel, the development of the deep water port of Enfidha).
Morocco’s share dropped sharply in 2008, with only 95 FDI projects detected
by the MIPO observatory, against 149 in 2007. The Kingdom remains
attractive in tourism, banking and energy. In Algeria, it is difficult to say
which of the crisis or the new regulations affecting foreign direct investment
(dating, it is true from the 2nd part of the year) is to blame for the decline in
European FDI in 2008 (‐ 50% compared with 2007, as much in amounts
announced as number of projects). The investors from the Gulf States
nevertheless continue to move their pawns forward in the Bay of Algiers,
notably with the Emirates International Investment Company and its real
estate project ‘Dounya Parc’.
Tunisia fares better, with 2.3 billion dollars of FDI in 2008 (+57%) according
to FIPA, and 100 FDI projects detected by ANIMA‐MIPO. Industry‐wise, the
order books of the Tunisian sub‐contractors have been well filled in 2008 (11
projects for aeronautics and automobiles).
25. Foreign direct investments in the Med region in 2008
23
Figure 10. Main FDI emitting regions towards Maghreb since 2003 (in % of
annualised declared amounts, ANIMA‐MIPO 2003‐08)
EU‐27 + EFTA
46%
Gulf & other
MENA
29%
USA/Canada
11%
MED‐10
11%
Asia‐Oceania
3%
Machrek: Egypt marks time, Lebanon picks itself up
The cold shower which fell on the stock exchanges and the economies of the
Gulf States, led by Dubai, was felt in Cairo, Amman and Damascus. The
Machrek region only attracted 7.3 billion euros of FDI announced in 2008
(18.2% of total smoothed flows), against 27 billion in 2007 (44.4%) and 28.5
billion in 2006 (41%).
Figure 11. Main FDI emitting regions towards Machrek since 2003 (in % of
annualised declared amounts, ANIMA‐MIPO 2003‐08)
UE‐27 + EFTA
26%
Gulf & other
MENA
55%
USA/Canada
6%
MED‐10
6%
Asia‐Oceania
7%
According to ANIMA‐MIPO, Egypt, privileged hunting ground of a number
of promoters from the Gulf States (Emaar, Qatari Diar, Damac), only
attracted 4.5 billion euros of foreign Direct Investment in 2008, after having
26. Foreign direct investment in the Med region in 2008
24
passed the bar of 22 billion euros in 2007. Twenty two FDI projects went to
Energy (above all natural gas, with for example the Italian Edison at
Aboukir), and 13 to Financial Services (a good number of acquisitions by the
Kuwaitis).
Jordan resisted as well as it could with 37 projects (against 53 projects
detected in 2007), especially in Construction and Infrastructure (extension of
the port of Aqaba for 5 billion dollars, high rise office blocks in the centre of
Amman, a great deal of logistics).
Syria managed to attract 38 FDI projects by continuing to liberalise its
economy following the model of its Lebanese neighbour (opening of a stock
exchange at Damascus, in‐depth reform of the business environment). In the
face of the exhaustion of its oil reserves, Syria is doing all it can to become an
important tourist destination in the Near East (6 FDI projects detected in
tourism in 2008).
The effectiveness of the Lebanese banking system has revived the confidence
of foreign investors, who contribute to a large extent to the renewal of Beirut
(the Phoenicia Village and Al Saifi Crown projects, and also Plus Towers, a
twin tower project).
Israel, Turkey: invest in the future
With 3.2 billion euros, Israel continues to capitalise on its capacities of
innovation to attract new foreign investments: software and internet (28
projects), medicines (6 projects), as well as biotechnologies (348 million euros
of FDI).
The consequences of the global crisis for many industries may cast doubts
on several FDI projects attracted by Turkey in 2008 (195 projects detected in
2008, that is 25% of the total for the Med region), in particular in the
automobile sector. But the country is preparing for the future by opening
vast areas of its economy to private initiative and foreign investment, in
particular in the production and distribution energy.
The stakes for Ankara will be to maintain the productivity of the industrial
tool to remain competitive on the international markets and go through the
crisis in a position of strength.
27. Foreign direct investments in the Med region in 2008
25
Figure 12. Individual FDI data for Med 13 according to ANIMA‐MIPO
Destination
Flow
2006
Flow
2007
Flow
2008
Average
3 years
Pop. 2008
FDI /
capita / yr
Israel 13 850 4 035 3 253 7 046 6 426 679 1 096 €
Malta 296 46 305 216 401 880 536 €
Cyprus 152 32 1 081 421 788 457 534 €
Libya 374 4 574 3 059 2 669 6 036 914 442 €
Lebanon 4 425 279 270 1 658 3 921 278 423 €
Jordan 3 235 2 765 1 209 2 403 6 053 193 397 €
Tunisia 3 887 3 329 1 490 2 902 10 276 158 282 €
Turkey 14 310 14 148 20 055 16 171 71 158 647 227 €
Egypt 15 935 22 204 4 551 14 230 80 264 543 177 €
Syria 4 674 2 029 1 062 2 588 19 314 747 134 €
Algeria 2 280 5 214 1 989 3 161 33 333 216 95 €
Morocco 5 280 2 714 1 480 3 158 33 757 175 94 €
Palestinian. Auth. 289 8 187 161 3 965 443 41 €
Total Med‐10 68 165 56 725 35 547 53 479 275 698 330 194 €
Total Med‐13 68 987 61 376 39 991 56 785 275 698 330 206 €
Origin of the FDI flows: Europe takes the lead again
The investors from the Gulf States, paralysed by the drying up of credit, are
beginning to run out of steam (the annualised amounts of the projects issued
by the countries of the MENA7 group totalled 8.5 billion euros in 2008,
against 22 billion euros in 2007). A new economic map is being drawn,
where Europe is taking up the leading role: chased or overtaken by the Gulf
States in recent years, the Old World took its place once again in 2008 as the
leading region for issuing FDI to the Med countries (41%).
Azerbaijan became the main issuer of FDI in Turkey in 2008 as a result of the
hyperactivity of the public enterprise Socar, which, during the year 2008
alone, with its partners purchased 51% of the former Turkish public petro‐
chemical giant Petkim for 2 billion dollars, launched a 5 million dollar
investment programme for this company and announced the project to
create a refinery at Aliaga (north of Izmir) in partnership with another local
petrochemical company, Turcas. Socar has also acquired 50% of the capital
of the Turkish construction group Tekfen Holding.
7 Excluding Med countries
28. Foreign direct investment in the Med region in 2008
26
Figure 13. Main FDI emitters in the Med region in 2008 (annualised inflow 2008
for Med 13 in million euros, relative weight in 2008 and 2003‐2008 total, and
progression between 2007 and 2008, ANIMA‐MIPO)
Origin Projects 08 Flow 2008 % total 08 Δ 07‐08 % total 03‐08
1. Azerbaijan 4 5 114 12.7% NC 1.8%
2. UAE 66 4 769 11.9% ‐66.1% 9.9%
3. UK 55 4 638 11.5% ‐15.8% 5.1%
4. USA 113 4 414 11.0% 1.9% 15.5%
5. France 112 2 733 6.8% ‐72.8% 7.9%
6. Nederland 28 1 837 4.6% ‐34.9% 2.5%
7. India 23 1 801 4.5% 125.6% 1.4%
8. Germany 40 1 512 3.8% 37.7% 2.2%
9. Austria 7 1 159 2.8% 143.5% 1.1%
10. Kuwait 34 1 135 2.8% ‐60.3% 4.8%
11. Greece 13 1 124 2.8% ‐38.5% 2.3%
12. Spain 25 1 075 2.6% ‐24.1% 2.7%
13. Qatar 10 992 2.4% ‐26.9% 1.8%
14. Russia 8 953 2.3% 316.6% 1.3%
15. Italy 30 783 1.9% ‐39.6% 2.9%
Investments from the Gulf States: the swansong?
As in 2007, the United Arab Emirates are to be found among the main
investors in the Med region. The Emirates announced in 2008 projects the
cumulative gross amounts of which totalled 16.8 billion euros; a
considerable amount, once smoothed, taking account of the duration of the
completion of these projects, comes down to 4.7 billion (annualised amount,
i.e. probably invested from 2008).
Three long‐term real estate projects (Porta Moda at Tunis, Aqaba in Jordan
and Dounya Parc in Algiers) alone represent two thirds of this 17 billion.
The promoters of these projects (Abu Dhabi Investment Authority (ADIA)
and Gulf Finance House in Tunis, Al Maabar at Aqaba and EIIC in Algiers)
forecast the end of the work in 10, 7 and 5 years respectively, but the crisis
which affecting Dubai severely and the rarity of customers for this type of
luxury real estate product should at best slow down their completion and at
worst compromise it.
Given the uncertainty which weighs heavily on a number of these
megaprojects, the classification of the main issuer countries of FDI is based
upon the ‘annualised amount’ data produced by ANIMA‐MIPO.
29. Foreign direct investments in the Med region in 2008
27
As far as the Gulf States are concerned, in number of projects, the Kuwaitis
follow the Emirates with 34 projects, mainly in Egypt and Jordan. Only 22
Saudi investment projects have been detected in 2008 against 43 projects in
2007, mainly in Egypt and in Algeria. As in previous years, the Gulf State
investors concentrate their attention on the real estate sector (4.2 billion
euros) and are especially present in the Machrek (they are at the origin of
50% of FDI flows intended for this region in 2008).
Euromed integration continues
Overtaken in 2006 by investors from the Gulf States, European businesses
have once again been in the dominant position since 2007: in 2008 they are at
the origin of 16.3 billion euros of the FDI announced in the Med region
(down however by 37% compared with 2007) and have created 32,158 new
jobs (above all in the automobile and aeronautics industries, many in textiles
also).
Figure 14. Relative contributions of the main FDI emitting regions into the Med
region (Med 13, in % of annualised declared amounts, ANIMA‐MIPO 2003‐2008)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2003 2004 2005 2006 2007 2008
Asia‐Oceania
MEDA‐10
USA/Canada
Gulf & other
MENA
EU‐27 + AELE
Eight of the countries to be found in the Top 15 are members of the
European Union (36.8% of the flows of the Top 15 with 14.8 billion euros),
with the United Kingdom in the lead (4.6 billion euros in total, 3.8 billion of
which to Turkey) and France, which remains very present in the Maghreb
(2.7 billion euros). With 1.8 billion euros, Dutch investors come in third
30. Foreign direct investment in the Med region in 2008
28
position of the European honours list (massive presence in commercial real
estate in Turkey).
By cumulating the amounts of the projects announced for the period 2003‐
2008, France calls the tune (with 24 billion euros), ahead of the United
Kingdom (18 billion euros), Italy (7.2 billion euros), Spain (6.8 billion euros),
the Netherlands (6.1 billion) and Germany (5.2 billion).
North America (United States, Canada) represent 5 billion euros of
investment projects in 2008 (12.5% of the total), mainly in the energy sector
(1.2 billion euros above all in Libya, Tunisia, Egypt). The American operators
are especially present in Israel (52 projects centred on the new technologies)
and in Turkey (26 projects).
With 31 billion euros, the Asia‐Oceania group continues to progress, pushed
along by India which totals 1.8 billion euros in 2008 (hydrocarbons in Egypt,
automobile construction in Turkey).
Figure 15. FDI flows by main regions of origin and destination (annualised declared
amounts in billion euros, ANIMA‐MIPO 2003‐08)
31. Foreign direct investments in the Med region in 2008
29
Profile of foreign investors in the Med region
Types of business: preponderance of multinationals
The SMEs are at the origin of hardly 15% of the FDI projects detected by
MIPO over the period 2003‐2008. European SMEs together represent more
than 60% of the projects from this total. The SME projects are only worth
7.5% of the total of jobs created by all types of investors and 5% of the
amounts.
On the contrary, the multinationals issue nearly 60% of the gross amounts of
FDI and create 57% of the direct employment for only 41.5% of the number
of projects recorded over 2003‐2008. European multinationals are behind
around 50% of the projects; the rest roughly equally shared between
multinationals from North America (USA‐Canada) and MENA (mainly from
the Gulf States).
Investors from Europe, the Gulf States and North America: sectoral
competition and complementarity
Investments from the Gulf States present a very unbalanced sectoral profile:
with 52% of the amounts over 2003‐08 (and 26% of the projects) going to the
Construction and Transport sector, 19% to the Tourist sector and 10% to
Telecoms. European projects are better spread projects: Energy, which
represents the main destination of European FDI, is worth it is true 31% of
the amounts and 11% of the number of projects. But among the following 5
sectors in amounts, not one exceeds 10‐15% (Financial Services 15%,
Telecoms 11%, Cement‐Glass‐Paper 10%, Building, Public Works and
Tourism 9% each).
The particularity of American and Canadian FDI in the Mediterranean
concerns in the first instance the size of the industrial projects (excluding
hydrocarbons): 40% of the amounts announced, against 20% for Europe and
hardly 7% for investors from MENA. Energy only represents 23% of the
amounts announced over 2003‐2008, against 20% for the Electronic
Components industry (Intel in Israel), and 14% for the Software and
Computing Services.
32. Foreign direct investment in the Med region in 2008
30
Methods of installation: grassroots creations and acquisitions of
existing assets run 50/50
Among the different methods of installation possible, foreign investors show
their preference in 2008 for grassroots creations (46% of the amounts
announced for 27% of the number of projects). The acquisitions or strategic
prises de participations in existing assets represent for their part 30% of the
projects and 26% of the amounts. The progression in the amounts devoted to
brownfield projects encouraging (+100% over a year, to reach 8.8 billion euros
in 2008), even if it is due in good part to the renewal of the operating
concession for hydrocarbons linked to ambitious investment programmes.
Beyond hydrocarbons and the development programmes for the telecoms
network by the large world players present in the Mediterranean, the
extensions of industrial sites remain too few in number (hardly 60
projects/annum). Creation of subsidiaries/branches together has reached the
bar of 25% of the projects identified in 2008, for only 7% of the amounts.
Sectors: BTP and energy still in the lead, but more
modest projects
On the face of it, few things have changed in 2008: as in 2007, Building,
Public Works‐Infrastructures and Hydrocarbons dominate the landscape of
foreign investment in the region. However, Building, Public Works and
Energy are among the sectors which suffer most from the crisis, along with
Financial Services and Building materials (glass, cement). Telecoms, due to
the non‐attribution of new licences or major privatisations, are awaiting the
new wave of FDI. Among the sectors which are on the increase are to be
Business Services, Software, Aeronautics, Chemicals and Retail Distribution.
The average budget per FDI announced, in these 2 sectors which had
attracted a good number of megaprojects in 2006‐07, declined however
considerably, to reach 176 million euros in the BTP in 2008 (‐40% compared
with 2007), and 149 million euros in the energy sector (that is an annual drop
of almost 50%). The average budget per project, all sectors considered,
mechanically follows the same path, to settle at 88 million euros in 2008
(against 129 million euros in 2007).
The number of foreign projects announced in Construction and Transport is
in decline, premise of a coming to earth underway, after a number of years
of madness (more than 100 projects a year for 3 years), whereas the
cumulative budgets have been divided by 2 in one year (22.6 billion euros
33. Foreign direct investments in the Med region in 2008
31
gross in 2008). The Materials Industries (glass, cement, minerals, wood,
paper) are suffering in return from the new cautiousness of the leaders of the
sector who from 2008 have preferred to cut down their new investment
programmes, even suspend certain projects announced in the euphoria of
the boom of 2007. Even if all the investments announced to date in Cement
do not reach fruition, the local demand should soon find an equivalent offer,
even a surplus. Speculation over building materials should end once the
shortage is over.
Despite the extreme volatility of energy prices and the moderation in world
demand as a result of the economic slowdown, the number and the amounts
of foreign projects announced in Energy remained high in 2008. Whether the
fruit of a certain effect of hysteria or the perspicacity of operators who
gamble on a rapid rebound in the prices, the upkeep of foreign investment is
vital to increase the reserves and the upstream and downstream capacities of
the Med countries who are well blessed with hydrocarbons. Watch this
space: during the international call for tenders organised at the end of 2008
by Algeria, only 4 exploration licences out of 16 found takers.
In the same way, the future of many of the large projects announced in 2007‐
2008 in the Heavy Industries (metallurgy, chemicals‐plastics‐fertilisers)
would today appear uncertain. The prospects for export (automobile,
Building, Public Works, speciality chemicals) or for the local markets which
are still expanding (large infrastructure projects, local agriculture) lack
clarity, and added to the difficulties of financing projects heavy in capital,
they should occasion postponements or cancellations.
Metallurgy nevertheless attracted fifteen or so projects in 2008 (against an
average of 5 between 2003‐ 2006). It remains to be desired that the financial
stranglehold of the international economy does not also counter the
Mediterranean chemical boom (around 30 projects per annum since 2005,
projects worth 7.6 billion euros in 2008, above all intended for Turkey). The
fertiliser sector, whose large actors are in the process of concentration,
remains attractive: natural gas has become very cheap (used for the
production of nitrogen), increasing margins as a result.
34. Foreign direct investment in the Med region in 2008
32
Figure 16. Number of projects and gross declared FDI amounts, by sector (ANIMA‐
MIPO 2008, in million euros)
128
115
22
25
81
19
39
42
24
15
38
36
11
55
31
16
4
16
14
9
12
22
4
0 5 000 10 000 15 000 20 000 25 000
PW, PPPs, logistics
Energy
Chemistry
Distribution
Financial Services
Telecom
Tourism, catering
Glass, cement, minerals, wood, paper
Agro‐business
Metallurgy
Consulting & services to companies
Automotive
Other
Software services
Electr. Hardware
Drugs
Biotech
Electronic components
Textile
White goods & consumer electr.
Mechanics & machinery
Aeronautical, naval & railway equip.
Furnishing & houseware
Declared amounts, M€
Amount 2008 Projects 2008
35. Foreign direct investments in the Med region in 2008
33
The global crisis has just hit manufacturing industries, with strong local
spin‐offs, with all its might, typically the case of the automobile industry.
The automobile sector has, however, never been as attractive as in 2008, and
not only in Turkey (thirty or so projects per annum since 2003, amounts
close to 800 million euros over 4 consecutive years). The installation of
assembly plants and sub‐contractors in the South (Renault at Tangiers‐Med,
for example) should nevertheless continue. In a global environment of
pressure on costs, other industries (aeronautics, ship‐building, railway
equipment), subjected to the same constraints of price competitiveness and
proximity to the order givers or the new markets, are also heading south.
The electronic component industries, general public electronics, electrical &
electronic equipment and mechanical machinery and equipment do not
seem to manage to attract significant foreign investment (apart from Turkey
and Israel), despite the obvious vocation of the Mediterranean as a
manufacturing base for growing local markets and the coverage of the
European markets at a reduced cost.
The textile‐clothing sector continues to attract an average of some fifteen
projects. In 2008, the agro‐food industries attracted 1.7 billion euros, an
average performance given the potential of the Mediterranean markets;
performance due mainly to the acquisition of profitable targets in Turkey.
The good news is to be found on the services side. Tourism, of course
continues its decline (few new projects announced in 2008), which appears
reasonable given the stock of megaprojects announced in previous years. Of
course, financial services and telecoms are still in pole position, and
continue with a more silent revolution after the amazing projects of recent
years. Retail distribution pursues its expansion in the region, despite some
mis‐hits.
However, the real novelty is to be found in business services.
Computer services have thus been attracting around 50 projects per annum
for 4 years, in Israel but not only: the young computer engineers from the
Med countries are beginning to be appreciated for their real worth.
Counselling & and other business services, from engineering and legal
counselling to facility management, not forgetting call centres and recruitment
all profit from growing demand. Competition for exports will become
tougher for call centres or the externalisation of certain support functions.
The dynamics of the sector rely, however, to a large extent on local factors,
36. Foreign direct investment in the Med region in 2008
34
linked to the spread of modern business management techniques, source of
an unquenchable demand.
Target investments with strong local spin-offs
It is to be feared that the majority of FDI in energy, or in heavy industry,
using equipment and a workforce which is to a large extent imported, and
exporting products which often have been little transformed, provides little
local added‐value (beyond the annuity paid by the operator). Idem for
certain forms of real estate (secondary residences for the diasporas). On the
contrary, light industry (general public electronics, automobile, agro‐foods,
etc.) or certain service activities (logistics, business services in particular),
well integrated in the other sectors (but too little represented in FDI), may
fairly largely demultiply its effects in the economy.
Figure 17. Direct job creation potential per each million euros invested (ANIMA‐
MIPO 2003‐08)
Sector Av.job
creation/
project
Total nb
of projects
2003‐08
Total
jobs (est)8
Amounts9
(mln €)
Jobs /
mln €
Electr. consumer goods 665 40 26 600 531 50
Automotive 942 178 167 676 4 049 41
Textile 471 117 55 092 1 464 38
Consulting/other services 235 204 48 034 1 522 32
Electr. & electron equipt. 208 173 35 979 3 829 9
Agrofood 388 170 65 895 7 673 9
Tourism, catering 1 316 281 369 862 48 626 8
Cement, minerals, paper 599 202 121 047 19 578 6
Retail 472 103 48 629 8 184 6
PW, transport, PPP 1 320 489 645 480 113 860 6
Metallurgy 438 63 27 563 6 066 5
Software services 161 223 35 985 7 986 5
Other & non specified 208 47 9 753 2 170 4
Financial services 272 408 111 032 33 409 3
8 The estimations proposed for the total direct job creations have been obtained by
multiplying the average number of direct jobs created per project (according to the
promoters’ announcements) by the total number of FDI projects recorded by the
MIPO observatory over the period 2003‐2008, according to the sector.
9 These are amounts announced by the promoters of the project, aggregated by sector
over the period 2003‐2008.
37. Foreign direct investments in the Med region in 2008
35
Sector Av.job
creation/
project
Total nb
of projects
2003‐08
Total
jobs (est)8
Amounts9
(mln €)
Jobs /
mln €
Drugs 75 90 6 786 2 177 3
Aeronautical, naval, train
equipment
189 63 11 883 4 280 3
Electronic components 339 77 26 106 10 790 2
Machines & mechanics 116 53 6 166 3 759 2
Biotechnologies 53 14 747 494 2
Energy 227 425 96 456 68 211 1
Chemistry, plasturgy,
fertilisers
145 129 18 705 14 512 1
Telecom 255 114 29 070 34 725 1
All sectors 547 3 681 2 012 972 397 966 5
Honours list for the largest projects
It is possible to consult the detailed base of the projects detected by the
ANIMA‐MIP observatory on www.anima.coop. To provide a glimpse, the
table below sets out the projects announced with a value greater than one
billion euros, which are neither necessarily the most interesting nor the most
significant10.
Figure 18. The 15 projects with declared budgets above 1 billion euros announced in
2008
1. Tunisia. Abu Dhabi Investment Authority + Gulf Finance House (UAE). ADIH
to launch in Tunis its Porta Moda real estate project land plots provided by Gulf
Finance House (€4 600 m).
2. Turkey. SOCAR (Azerbaijan). The company to invest USD 5 billion to enhance
Petkimʹs production capacity, a Turkish petrochemical company in which it
holds a 51% stake (€3 417 m).
3. Jordan. Al Maabar (UAE). The consortium to relocate Aqabaʹs port facilities to
the southern part of the city and develop a tourism megaproject for USD 5 billion
over 7 years (€3 288.7 m).
10 For these gigantic projects, the ANIMA‐MIPO observatory has taken into account
both the gross amount announced and the duration planned to complete the project,
which enables it to have available, alonside the cumulative gross amounts,
‘smoothed” data over the number of years for the implementation of the project
(often 3 to 10 years for real estate projects).
38. Foreign direct investment in the Med region in 2008
36
4. Algeria. Emirates International Investment Company (UAE). The investment
company to invest USD 5 bn over 5 years to develop Dounya Parc, a mixed‐use
project in the Grands Vents district of Algiers (€3 288.7 m).
5. Libya. Occidental Petroleum (USA). The group to sign a full 30‐year agreement
with Libyaʹs NOC and invest USD5 bn over next 5 years in tripling production of
Sirte basin fields (€3 288.7 m).
6. Tunisia. Terna ‐ Rete Elettrica Nazionale (Italy). The firm engaged in electricity
transport and STEG to create a JV for managing the construction of a power plant
in El Haouria (€2 000 m).
7. Turkey. Indian Oil Corporation (India). The group to set up a JV for the creation
of new Ceyhan refinery, in which ENI, Kaz MunayGaz, local Calik and IOC will
each have 26% (€1 826.32 m).
8. Libya. Repsol‐YPF (Spain). Agreement with Libyaʹs NOC for the extension until
2032 of Repsol operated blocks NC115 and NC186 in Murzuq basin, in which
Respol holds 40 and 32% (€1 710.1 m).
9. Turkey. SOCAR (Azerbaijan). The Socar‐Turcas‐Injaz JV eventually wins control
over state‐run chemicals maker Petkim for USD 2 bn (€1 341.8 m).
10. Egypt. Emaar Properties (UAE). The UAEʹs property developer to create a
luxurious 150‐room resort and 50 private villas in Marassi (€1 217 m).
11. Turkey. Tesco / Kipa (UK). Kipa, the Turkish retail chain bought by UK‐based
giant Tesco in 2003 is to create 100 new stores by 2013 (€1 167 m).
12. Turkey. British American Tobacco (UK). British American Tobacco to win the
auction for Turkish cigarette maker Tekel thanks to a USD 1.72 billion bid
(€1 131.3 m).
13. Turkey. BC Partners / Moonlight (UK). London‐based buyout firm BC Partners
to buy from Koc Holding a 51% stake of Migros Türk for TRY 1.98 billion
(€1 066m).
14. Turkey. BC Partners / Moonlight (UK). The investment funds gathered in
Moonlight, after the buyout in February of a 51% in Turkish supermarket chain
MIGROS Turk, to up their stake to 97.9% (€1 023 m).
15. Cyprus. Bouygues + Carnival‐Costa Cruises + Amsterdam Harbour (Other
country). The Zenon Consortium won the DBFO contract for the Larnaca
Seafront redevelopment, whose 1st phase consists in creating a cruise port and
marina (€1 000 m).
39.
2. Sectoral analysis of FDI in
the Med region
Sectoral panorama 200811
The year 2008 presents fake similarities to the year 2007, were it not for the
climate of uncertainty weighing on the majority of sectors.
The construction and energy sectors, which once again account for the
largest part of foreign direct investment in the Med region in 2008, are
among the sectors the most exposed, along with the financial services, the
telecoms and the building materials (glass, cement).
Telecoms, as a result of the non‐attribution of new licences or the
postponement of major privatisations, are waiting for the next wave of FDI.
Among those sectors on the upswing, are to be found business services,
software, aeronautics as well as chemicals, which has been the subject of
consequential projects, but concentrated on Turkey (more than 60% of the
amounts for 5 projects out of 22).
Turkey also attracts the essential part of the investments in retail (90% of the
amounts and 17 projects out of 25 in 2008).
Figure 19. Distribution of FDI by sector (ANIMA‐MIPO 2008, nb of projects and
declared amounts, million €)
Sectors
Projects
2008
Amounts
2008
Variation
07‐08
%
2008
1 PW, PPPs, logistics 128 22 611 ‐47.0% 32.9%
2 Energy 115 17 153 ‐25.3% 24.9%
3 Chemistry 22 7 588 216.2% 11.0%
4 Distribution 25 3 894 77.2% 5.7%
11 Methodological preliminary: so as to better measure the sectoral dynamics of FDI in
the Mediterranean, the analyses to follow will concentrate on the cumulative amounts
of gross FDI amounts announced by the promoters of projects during the year
considered, and not on the annualised flows of FDI (amount announced during year n
divided by the number of years planned to complete the project).
40. Foreign investments in the Med region in 2008
38
Sectors
Projects
2008
Amounts
2008
Variation
07‐08
%
2008
5 Financial Services 81 3 562 ‐65.7% 5.2%
6 Telecom 19 1 981 ‐46.7% 2.9%
7 Tourism, catering 39 1 977 ‐8.6% 2.9%
8 Cement, minerals, wood, paper 42 1 935 ‐80.8% 2.8%
9 Agro‐business 24 1 687 47.5% 2.5%
10 Metallurgy 15 1 399 ‐65.7% 2.0%
11 Consulting & services to companies 38 1 062 436.7% 1.5%
12 Automotive 36 664 ‐30.6% 1.0%
13 Other 11 630 ‐42.7% 0.9%
14 Software services 55 535 ‐30.3% 0.8%
15 Electr. Hardware 31 481 ‐37.0% 0.7%
16 Drugs 16 373 ‐32.4% 0.5%
17 Biotech 4 349 402.4% 0.5%
18 Electronic components 16 330 ‐30.4% 0.5%
19 Textile 14 220 13.4% 0.3%
20 White goods & consumer electr. 9 178 71.9% 0.3%
21 Mechanics & machinery 12 90 ‐74.6% 0.1%
22 Aeronautical, naval & railway equip. 22 39 102.3% 0.1%
23 Furnishing & houseware 4 24 nc 0.0%
Total 2008 778 68 763 ‐36% 100%
A pronounced imbalance in the sectoral distribution of
projects
The concentration of FDI on a few sectors is accentuating year after year: the
first 5 sectors represent 80% of the total amounts announced in 2008 for only
54% of the number of projects (respectively 76% and 53% in 2007).
Figure 20. Strong concentration of FDI inflows on some sectors (MIPO 2008)
Group of
sectors
Amount 2008
(€ mln)
% of total 2008
Nb. of aggregated
projects
% of total 2008
Top 5 54 808 80% 418 54%
Top 12 65 513 95% 616 79%
Top 5 (in order): Construction‐Transport‐Delegated Services, Energy, Chemicals‐Plastics‐
Fertilisers, Distribution Financial Services
Top 12: Idem + Telecom, Tourism, Glass‐cement‐minerals‐wood‐paper, Agro‐Food, Metallurgy,
Engineering & Business Services, Automotive
41. Foreign direct investments in the Med region in 2008
39
Sectoral distribution of the stock of FDI 2003-2008
The stock of FDI projects detected by ANIMA over the period 2003‐2008 is
very largely dominated by the sectors of construction‐transport‐PPP, energy
and tourism.
Figure 21. Announced FDI amounts by sector (ANIMA‐MIPO, 2003‐08, €m)
Construction‐
transport
17%
Energy
15%
Tourism
8%
Telecom
9%
Financial
services
14%
Cement,
minerals
8%
Others
26%
Jobs creation under the sectoral microscope
The ‘jobs created per operation’ data is not available for all FDI projects
detected by MIPO12: it should therefore be taken with precaution. Total
direct employment creation in 2008 recorded by MIPO continues its decline
compared with the peak of the year 2006 (76,143 jobs announced in 2008
against 100,000 in 2006, and 86,000 in 2007)13.
The aggregation of the employment data over the period 2003‐2008
allows to build a more significant data base, from which emerge the sectors
which should hold the attention of governments at the moment they decide
upon a selective FDI targeting strategy. In the figure below are to be found,
in the grey‐white squares, some key sectors in a period of world economic
turbulence.
12 Data provided for 25% of the projects in 2008, and only 18% of the cases out of the
period 2003‐08. By taking into account the projects creating few jobs (subsidiary‐
representation bureau, participation, privatisation), the estimated rate rises to 50%.
The household furnishings & fittings and biotechnologies sectors do not appear due to
the lack of a significant sample in 2008.
13 For a classification of the sectors creating the most jobs in 2008, refer to Annex 2.
42. Foreign investments in the Med region in 2008
40
Figure 22. Job creation potential by sectors, ANIMA‐MIPO 2003‐08 (total nb of
projects and average number of jobs created 14 by project)
1 320
1 316
942
665
599
472
471
438
388
339
272
255
235
227
208
208
189
161
145
116
75
53
0 100 200 300 400 500
PW, PPPs, logistics
Tourism, catering
Car manufacturers or suppliers
White goods & consumer electr.
Glass, cement, minerals, paper
Distribution
Textile
Metallurgy
Agro‐business
Electronic components
Financial Services
Telecom
Consulting & services to companies
Energy
Electr. Hardware
Other or not specified
Aeronautical, naval & railway equip.
Software services
Chemistry, plasturgy, fertilizers
Mechanics & machinery
Drugs
Biotechnologies
Nb of projects 2003‐08
Nb projects Average job creation
14 Average calculated solely on the basis of projects comprising the direct employment
data as announced by the promoters.
43. Foreign direct investments in the Med region in 2008
41
Outside the well trodden paths (tourism, real estate), and contrary to sectors
which are highly capital‐intensive but poor in local linkages (energy, for
example), these are sectors which present both:
a verified power of attraction in the Med region ( existing stock of FDI
projects);
and a large potential to create jobs compared with the capital invested
(above all manufacturing activities or services).
Focus: 5 key sectors in the face of the crisis
The 5 sectors which will be analysed in the following pages have been
chosen for they present a resistance or rebound potential in spite of the
international economic crisis. These are activities which are rather rich in
jobs (see figure 22, Job creation potential by sector), and which find in the
Mediterranean host conditions which are favourable to their expansion,
whether they target local demand or are export‐oriented.
Transport and logistics
Dealt with within the composite sector ‘Construction, Public Works,
Transport, Delegated Services’ of the ANIMA‐MIPO observatory, the
component Transport‐ Logistics Infrastructures & Services is undergoing a
complete revolution. Even if it still only represents a modest part of the FDI
projects aimed at the sector (dominated by real estate: high end residential,
seaside resorts, American‐style shopping centres, office blocks), with 35
projects for nearly 6 billion euros in 2008 (against 50 projects in 2007), it
nevertheless represents the most strategic element. Strategic, above all,
because the transport and logistics activities are indispensible to the
development of the remainder of the economy.
The Mediterranean is a logistics hub not to be overlooked, whose natural
vocation is finally able to express itself thanks to the new tools which the
massive investments, public as well as private, in infrastructures, are in the
process of providing it. One step ahead or behind the progress of the
infrastructures, transport service providers (transport of persons,
logisticians), are arriving in number, following their usual customers
(automobile, retail distribution, etc.), or to make up for a lack of local offers
in markets where there still remains a lot to do.
44. Foreign investments in the Med region in 2008
42
Of course, the global economic slowdown is depressing the world transport
market; the decline in international trade provoking the collapse of prices
(especially in international maritime transport, see box on CMA‐CGM). The
Mediterranean, which witnesses the passage of 30% of world maritime
traffic, will not be spared: the frequentation recorded by the Suez Canal in
January 2009 was down 22% year‐on‐year, that is 1,313 ships against 1,690
one year earlier.
The WTO reminds us that international trade is one of the main victims of
‘the drying up of commercial financeʹ which backs ‘90 % of tradeʹ. This
‘unprecedented crisis’ should, according to the WTO continue into 201015. The
World Bank for its part, forecasts a decline of 2.1% in world trade in 2009
(2.8 % according to the IMF). The drop in volumes exacerbates the
competition between transport operators on the most mature markets,
pushing some of them to throw in the towel, as for example, Deutsche Post‐
DHL in North America.
In the Med region on the contrary, there remain places to be filled: transport
and logistics operators from Europe (14 projects in 2008) and also from the
Gulf (13 projects, 9 of which for the UAE, mainly in the Machrek, but also in
Algeria), are moving in.
In 2008, all the Med countries attracted large FDI projects. The opening up of
air transport to private initiative in Syria for instance enabled the Kuwaiti Al
Aqeelah to launch Pearl of Syria (Loloa), a private airline company created
as a joint venture with the Syrians Sham Holding and Syrian Air. Generally
speaking, in terms of infrastructures, the port projects dominate
(transhipment or land servicing ports). The 2 main projects are those of
Dubai Ports World, which took a 90% stake in the company managing the
port of Sokhna in Egypt, and forecasts investing one billion euros over 3
years to develop it, while its compatriot Al Maabar will carry off the USD 5
billion BOT contract concerning the extension of the port of Aqaba in Jordan.
In Morocco, the development of terminals 3 and 4 of the port of Tangiers‐
Med for nearly 7 billion dirhams between now and 2012 has been attributed
to consortia led respectively by PSA Singapore Terminals and the Dane A. P.
15 Les Echos, Le commerce international résiste mal au marasme économique, 26/02/09,
interview of Pascal Lamy, Director of the WTO.