{"id":582143,"date":"2023-03-02T00:00:00","date_gmt":"2023-03-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/this-morning-shoukry-in-india-for-g-20-foreign-ministers-meeting\/"},"modified":"2023-03-02T00:00:00","modified_gmt":"2023-03-02T00:00:00","slug":"this-morning-shoukry-in-india-for-g-20-foreign-ministers-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/this-morning-shoukry-in-india-for-g-20-foreign-ministers-meeting\/","title":{"rendered":"THIS MORNING: Shoukry in India for G-20 foreign ministers meeting"},"content":{"rendered":"

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Good morning, friends, and welcome to a super-brisk news morning. <\/span>We hope you\u2019re looking forward to the weekend as much as we are. <\/span><\/p>\n

WATCH THIS SPACE #1- Progress (of sorts) on the green hydrogen strategy:<\/span> The Electricity Ministry has received the near-final draft of the national hydrogen strategy<\/span><\/span> and is <\/span>working to finish it, Electricity Minister Mohamed Shaker said yesterday, according to a <\/span>cabinet statement<\/a><\/span>. Sources told us last month that the government is aiming to <\/span>publish the strategy<\/a><\/span> before the beginning of Ramadan at the end of this month. The plan was originally supposed to be unveiled <\/span>before the end of 2022<\/a><\/span>.<\/span><\/p>\n

Incentives decided in two weeks:<\/span> Recommendations on the incentives the government will <\/span>offer to foreign companies to get involved in its green hydrogen plans will be submitted in two weeks by a <\/span>working group<\/span> <\/span>formed yesterday by Prime Minister Moustafa Madbouly<\/span>, cabinet spokesperson Nader Saad said.<\/span><\/p>\n

REMEMBER- <\/span>The national hydrogen strategy <\/span>has been in the works<\/a><\/span> since 2021 and will provide <\/span>a regulatory framework for the local production of green hydrogen, covering the whole value chain \u2014 supply, demand, and infrastructure.<\/span><\/p>\n

But what does the industry want?<\/span> We spoke with private-sector players and industry experts <\/span>this week<\/a><\/span> to find out what they want to see in the strategy.<\/span><\/p>\n

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<\/span>WATCH THIS SPACE #2- Are some banks slow-walking imports?<\/span><\/span> <\/span>Asharq<\/a><\/span>Business<\/a><\/span> reports that some state-owned and private-sector banks have stopped extending new letters of credit and <\/span>documentary collection for importers amid the ongoing shortage of foreign currency. It\u2019s unclear to us whether the story represents a new change in trade finance dynamics or whether imports of staples and other Ramadan essentials are crowding out lower-priority goods. Demand for FX always peaks in the months ahead of Ramadan as importers bring in goods for the month. We understand that many orders were delayed late last year and early this year amid the FX shortage, leading to a crush of seasonal demand when the central bank brought back documentary collection. <\/span><\/p>\n

WATCH THIS SPACE #3- Port management contract to be signed in two weeks<\/span>:<\/span> The <\/span>government will sign a port management and operation contract with Hutchison Ports, COSCO, CMA CMG, and MSC on 15 March, Transport Minister Kamel El Wazir told Ala Mas\u2019ouleety last night (<\/span>watch, runtime: 5:46<\/a><\/span>). Under <\/span>an initial agreement<\/a><\/span> signed last year, the consortium could invest as much as USD 800 mn to develop, operate and manage two new container terminals at the Ain Sokhna and Dekheila ports.<\/span><\/p>\n

FROM THE DEPT. OF WHY ARE YOU DOING THIS TO US? <\/span>As we report in this morning\u2019s news well (below), Cabinet is looking into whether to bring back daylight savings time. We still have whiplash from the year in which we (1) sprang forward in spring, then (2) fell back for Ramadan, (3) sprang forward immediately after Ramadan, and finally (4) fell back again in fall. That was 2014, and yes \u2014 four time changes in one year. <\/span><\/p>\n

Does daylight saving time really save energy?<\/span> <\/span>It\u2019s long been controversial, and one of the <\/span>most well-respected papers on the subject suggests it actually increased energy use slightly in one US state<\/a><\/span>, where households used more energy to cool their houses in summer. <\/span><\/p>\n

One thing DST will do: <\/span>Give us all jetlag for a few days when it comes into effect.<\/span><\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/span><\/p>\n

Shoukry is in New Delhi for the G-20 meetings<\/span>:<\/span> Foreign Minister Sameh Shoukry <\/span>is<\/a><\/span>in India<\/a><\/span> for the second day of the meeting of G-20 foreign ministers. <\/span>As this year\u2019s G-20 president, India has invited Egypt <\/span>to attend the summits as a guest nation.<\/span><\/p>\n

The <\/span>Corporate Social Responsibility Forum<\/a><\/span> kicks off <\/span>in Somabay. The event will <\/span>run until Sunday, 5 March and aims to further the discussions had at COP27 to boost private and public sector cooperation on climate action.<\/span><\/p>\n

THE BIG STORY ABROAD-<\/span><\/p>\n

It\u2019s another mixed morning in the international front pages: <\/span>The <\/span>Associated Press<\/a><\/span>, <\/span>Reuters<\/a><\/span>and the <\/span>New York Times<\/a><\/span> have the latest from Ukraine where Kyiv is reportedly thinking about withdrawing troops from a city in the country\u2019s east. Meanwhile, the <\/span>Financial Times<\/a><\/span> reports that western nations are stepping up pressure on the UAE over alleged Russia sanctions violations, the <\/span>Wall Street Journal<\/a><\/span> says that there are signs that the US labor market is cooling.<\/span><\/p>\n

New prez in Nigeria:<\/span> Nigeria\u2019s ruling party candidate Bola Tinubu has been declared <\/span>president-elect following disputed elections, <\/span>Reuters<\/a><\/span> reported. Tinubi, known as the \u201cgodfather\u201d of Nigerian politics, received 37% of the vote which saw the lowest turnout in Nigerian history. Peter Obi, one of his biggest opponents, said he plans to mount a legal challenge against teh ballot.<\/span><\/p>\n

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We are delighted to share with you that the Enterprise Exports & FDI Forum <\/span>will be taking <\/span>place on<\/span> Monday, 15 May <\/span>at the<\/span> Four Seasons Hotel at Nile Plaza.<\/span><\/p>\n

DO YOU WANT TO ATTEND?<\/span> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please <\/span>TAP OR CLICK HERE<\/a><\/span>to request a spot at this exclusive event<\/a><\/span>.<\/span><\/p>\n

What\u2019s the Enterprise Exports & FDI Forum?<\/span> It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt. <\/span><\/p>\n

We will be taking an in-depth look into some of the most vital industry topics, including:<\/span><\/p>\n