FILE- Britain’s Standard Chartered Bank
LONDON, 8 Jan 2019: Britain’s Standard Chartered Bank forecast that Egypt will be ranked 7th among the world’s top 10 economies by 2030.
Seven of the world’s top 10 economies by 2030 will likely be current emerging markets, Bloomberg reported Tuesday, citing a note by Standard Chartered Plc.
The prediction for a shake-up of the world’s gross domestic product rankings comes in new long-term forecasts by Standard Chartered Plc, which includes a projection for China to become the largest economy by 2020, using purchasing power parity exchange rates and nominal GDP.
India will likely be larger than the US in the same time period while Indonesia will break into the top 5 economies.
“Our long-term growth forecasts are underpinned by one key principle: countries’ share of world GDP should eventually converge with their share of the world’s population, driven by the convergence of per-capita GDP between advanced and emerging economies,” Standard Chartered economists led by David Mann wrote in a note.
They project trend growth for India to accelerate to 7.8 percent by the 2020s while China’s will moderate to 5 percent by 2030 reflecting a natural slowdown given the economy’s size.
Asia’s share of global GDP, which rose to 28 percent last year from 20 percent in 2010, will likely reach 35 percent by 2030 — matching that of the euro area and US combined.
– EGYPT TODAY
Egypt-China relations witness remarkable boost in 2018
President Abdel Fatah al-Sisi (L) with Chinese counterpart Xi Jinping in Beijing on September 1, 2018 – Press Photo/Presidency
CAIRO – 28 December 2018: The comprehensive strategic partnership between China and Egypt have witnessed an unprecedented push in 2018, New China News Agency (Xinhua) reported on Friday.
In September, Egyptian President Abdel-Fattah al-Sisi visited China for the 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), his 5th visit to the country since assuming office in 2014.
Ahead of the FOCAC meetings, the Egyptian leader held talks with Chinese President Xi Jinping during which they agreed to jointly advance the China-Egypt comprehensive strategic partnership in the new era.
Xi stressed that China highly values developing the comprehensive strategic partnership with Egypt. He also pledged to continue to support Egypt in its efforts to maintain stability, develop economy and improve people’s livelihood, as well as pursue a development path in line with its national conditions, and play a bigger role in international and regional affairs.
For his part, President Sisi stressed that Egypt places a high priority on the comprehensive strategic partnership with China.
“As one of the first countries that support the Belt and Road Initiative, Egypt firmly believes that the initiative will create enormous opportunities for their bilateral cooperation as well as international and regional cooperation,” he said as he met with Chinese Prime Minister Li Keqiang in September.
The Chinese Premiere said China is willing to encourage its enterprises to invest in Egypt and to engage in cooperation in industrial capacity and processing trade via the Suez Canal industrial park for broader markets and mutual benefits.
Sisi welcomed the increase of investment by Chinese enterprises in Egypt, calling for efforts to make good use of Egypt’s advantages in geographical location and the Suez Canal industrial park to jointly explore European, Middle East and African markets.
Furthermore, during his visit to China, Sisi witnessed the signing of bilateral cooperation documents between the two countries.
Among the deals were the construction of a pumping and storage station in the Mount Ataka area in Northeast Egypt, a coal-fired power station in Hamrawein on the Red Sea coast and the second phase of central business district in the new administrative capital.
The signings also included building a textile industrial project, a refinery and a petrochemicals complex in the Suez Canal corridor area.
In October, Chinese Vice President Wang Qishan visited Cairo at the invitation of Egyptian Prime Minister Mostafa Madbouly.
During his two-day visit, Wang met with Sisi and Madbouly. The two sides agreed to further boost cooperation between the two countries.
Wang and Madbouly witnessed the signing of cooperation documents in fields such as agriculture, education and culture.
In November, Madbouly visited China to attend the opening ceremony of the first China International Import Expo (CIIE) in Shanghai.
Addressing the opening ceremony of the exhibition, Madbouly said that Egypt is enthusiastic about boosting cooperation with China in various fields.
He added that Egypt’s participation shows its appreciation of the Chinese efforts to enhance fair trade between the two countries.
Madbouly noted that about 1,080 Chinese companies are operating in Egypt in various sectors, notably industry, information technology and economic zones.
Egypt’s pavilion in the exhibition included such sectors as agriculture, food industry, textile, handicrafts, engineering and finance.
Increased bilateral trade volume
China-Egypt bilateral trade volume grew 26.7 percent year-on-year in January-August to reach 8.83 billion dollars, according to China’s State Administration of Taxation.
Statistics from the administration show that China’s exports to Egypt reached 7.61 billion dollars in the first eight months of 2018, while its imports from Egypt totaled 1.22 billion dollars.
In 2018, Chinese companies participated in an array of Egyptian exhibitions, such as the Cairo International Book Fair, the first international exhibition of military industries (EDEX 2018), the Cairo International Motor Show (AUTOMIC FORMULA) and the Egyptian-Chinese Trade and Investment Exhibition.
Egypt has also signed a number of agreements with Chinese companies. In March 2018, the Egyptian government signed a memorandum of understanding (MoU) with China State Construction Engineering Co. on designing and constructing three closed gymnasiums in Sharm al-Sheikh, Hurghada and Luxor in preparation for hosting the 2021 World Men’s Handball Championship.
In May, Egypt’s New Urban Communities Authority (NUCA) signed a memorandum of understanding (MoU) with Chinese construction company CGCOC Group to establish the first industrial zone in the city of New Alamein.
Earlier this month, Chairman of Egypt’s Arab Organization for Industrialization (AOI) Abdel Moneim al-Taras announced that he agreed with Chairman of China Railway 20 Bureau Group Corporation (CR20G) Deng Yong to establish an industrial facility to manufacture monorails and express trains.
Also in December, Commander of Egyptian Air Forces, Mohamed Abbas, signed an agreement during EDEX 2018 exhibition in Cairo to purchase drones from China’s National Aero-Technology Import and Export Corporation (CATIC).
China Harbour Engineering Company (CHEC) started in August the main phase of the construction of a new terminal basin in Sokhna Port south of the Suez Canal northeast of Egypt, while the National Bank of Egypt (NBE) signed in September a loan agreement of 600 million dollars with China Development Bank (CDB) in the Chinese capital of Beijing.
Cooperation between Egypt and China was extended to the cultural field as the first-ever Chinese archaeological team started excavation works in the Montu Temple in Upper Egypt’s Luxor. Egyptian and Chinese media officials celebrated in November the broadcast of a dubbed Arabic version of Chinese popular TV series “Ode to Joy” on Egyptian state TV channel.
Egypt’s former ambassador to Beijing, Mahmoud Allam, told Xinhua that the Egypt-China relations witnessed a “strong momentum in building strategic partnership” this year.
“The exchange of visits between officials of the two countries during 2018 perpetuates the keenness of the political leadership in Egypt and China to communicate at all levels and discuss issues of common concern,” he said.
The former diplomat praised highly Chinese cooperation in development projects across Egypt and the diversity of Chinese investments in the country.
“Egypt is currently witnessing an economic breakthrough, and China has great experience and resources that Cairo can benefit from,” Allam said.
– EGYPT TODAY
Ethiopia launches iGuide, an online investment guide
Ethiopia’s online investment guide, iGuide was officially unveiled in Addis Ababa.
The online investment guide seeks to help investors discover opportunities in the country, business costs, key procedures and laws they may need to know before committing their money,
The iGuide was launched in the presence of Shumete Gizaw, Ethiopia’s Minister of Innovation and Technology, Fitsum Arega, Commissioner of the Ethiopian Investment Commission (EIC) and Vera Songwe, Executive Secretary of the United Nations Economic Commission for Africa (ECA).
The iGuide covers a wide range of topics deemed relevant to investment consideration and will serve as the first point of contact for domestic and international companies and businesspeople interested in investing in Ethiopia.
The platform highlights the various investment opportunities in the country and provides information on the costs, laws and regulations related to various aspects of investment, such as business set-up, labour, taxation, and access to land.
The iGuide was developed by the EIC with support from the ECA and the United Nations Conference on Trade and Development (UNCTAD) and was designed to attract productive investment into the country.
Investment can create a “win-win” scenario for the private sector as well as the host economy, said Mr. Shumete at the launch.
The Minister expressed hope that this communication and “empowerment” tool will serve to “enhance the efficiency and effectiveness of the Ethiopian business ecosystem” and help “build impactful relations” with investors and assist the country in its quest to become a major manufacturing hub.
The iGuide, providing clear, relevant and reliable information, seeks to serve both the national and international investment community.
“Foreign investors rely on the small and medium-sized enterprises in the economy and local business have to be linked global supply chains,” stated Ms. Songwe.
According to the Executive Secretary, the iGuide should also help to promote domestic women-led businesses by providing “digital space in which women can seamlessly interact.”
The ultimate objective of the electronic investment platform is to promote productive investments catalysing the structural transformation process in developing countries.
Fitsum observed that many African countries were already undertaking important reforms to enhance their business environment and Ethiopia was no exception to this trend.
“The private sector needs to be in the driver’s seat of development,” he declared.
During the developmental phase of the project, UNCTAD and ECA provided technical assistance and capacity-building services to EIC professionals to develop the necessary skills to manage the platform and keep it up to date.
“The iGuides help agencies, such as the EIC, to build their capacity, identify further areas for reform and understand investor needs,” explained Isabelle Durant, Under-Secretary of UNCTAD, in a video message.
Unlike many other investment guides, the iGuide also contains feedback from the existing investment community in the host economy highlighting both the strengths and competitive advantages of the local business environment, as well as identifying areas for improvement.
BUSINESS REPORT ONLINE
Zambia Chamber Sees 50% of Copper Mines Unprofitable in 2019
Balls of metal ore sit in a collection drum before loading into a processor at Katanga Mining Ltd.’s copper-cobalt mine in Kolwezi, Katanga province, Democratic Republic of Congo, on Wednesday, Aug. 1, 2012. Photographer: Simon Dawson/Bloomberg
More than half of the copper mines in Zambia, Africa’s second-biggest producer of the metal, will probably be unprofitable next year with thousands of jobs on the line, as the nation raises taxes for operators, the country’s biggest industry lobby group said.
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