{"id":639823,"date":"2024-08-15T00:00:00","date_gmt":"2024-08-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/local-trade-offices-see-usd-11-6-bn-in-fresh-foreign-investment\/"},"modified":"2024-08-15T00:00:00","modified_gmt":"2024-08-15T00:00:00","slug":"local-trade-offices-see-usd-11-6-bn-in-fresh-foreign-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/local-trade-offices-see-usd-11-6-bn-in-fresh-foreign-investment\/","title":{"rendered":"Local trade offices see USD 11.6 bn in fresh foreign investment"},"content":{"rendered":"

USD 11.6 bn in <\/strong>foreign <\/strong>investments incoming:<\/strong> Trade offices have attracted USD 11.6 bn in investments across different sectors, Head of the Trade Ministry\u2019s Commercial Representation Authority Yehia El Wathek Bellah told Enterprise. Most of the funds are destined for the energy sector, he said, adding that other sectors include food industries, engineering, medical supplies, IT, banking, real estate, communications, ready-made garments, and textiles. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The timeline: <\/strong>The projects are slated for implementation over the coming years according to individual timelines.<\/p>\n

Among the projects:<\/strong> A major Italian firm is looking to invest over EUR 200 mn in two solar projects in Safaga, he said. Meetings with local authorities were organized to start implementing the project following the CEO\u2019s visit to Egypt in March. <\/p>\n

Indian and Turkish investors are loving Egypt:<\/strong> Indian and Turkish businesses across several sectors are relocating their production capacities to Egypt. There\u2019s ongoing communication between local commercial offices and those of New Delhi and Istanbul to support this shift, he said.<\/p>\n

India has taken a liking to homegrown green hydrogen:<\/strong> There\u2019s been particularly strong interest from Indian investors in green hydrogen production following ReNew Power\u2019s<\/a> plan to build<\/a> a USD 8 bn green hydrogen plant<\/a> in the Suez Canal Economic Zone, El Wathek Bellah said. ReNew Power is currently taking the necessary steps to complete the project, he said.<\/p>\n

China wants a slice of the pie too<\/strong>:<\/strong> Advanced discussions are underway with several Chinese companies over investments in textiles, fabrics, engineering goods, and transportation. Visits have been organized for a major Chinese company to explore investments in several areas, including renewable energy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Most of the funds are destined for the energy sector<\/p>\n","protected":false},"author":1,"featured_media":639824,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[116,72,254,1404,125,151,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-china","tag-enterpriseam","tag-green-hydrogen","tag-india","tag-investment-watch","tag-renewables","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"1325516c-bb49-4630-afa1-7b147f3a37c0","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1361.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Local trade offices see USD 11.6 bn in fresh foreign investment","related_issue":[639813],"teaser":"Most of the funds are destined for the energy sector","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.728dfc77-83d1-4814-87a1-63aa4d393e5c.mp3"},"yoast_head":"\nLocal trade offices see USD 11.6 bn in fresh foreign investment - 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Rising imports and a dip in remittances caused the current account to fall further into the red, despite the oil balance turning a surplus\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2059.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591895,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/19\/uae-encouraging-companies-to-invest-in-egypt-mubadala-cdo\/","url_meta":{"origin":639823,"position":1},"title":"UAE encouraging companies to invest in Egypt -Mubadala CDO","author":"enterpriseam admin","date":"19 December 2019","format":false,"excerpt":"UAE encouraging companies to invest in Egypt -Mubadala CDO: The Emirati government is encouraging companies to increase their investments in the Egyptian oil and gas, renewable energy, and construction sectors, Mubadala Chief Development Officer Sheikh Mansour Al Hamed told Investment Minister Sahar Nasr during talks yesterday, according to a ministry\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639865,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/cabinet-unveils-plan-to-produce-and-export-green-hydrogen\/","url_meta":{"origin":639823,"position":2},"title":"Cabinet unveils plan to produce and export green hydrogen","author":"enterpriseam admin","date":"15 August 2024","format":false,"excerpt":"Good afternoon, friends, and happy Thursday. We might be gearing up for a restful weekend, but the news cycle shows no sign of slowing down.THE BIG STORY TODAY Egypt unveils its green hydrogen strategy: The government announced the National Low-Carbon Hydrogen Strategy today, aiming to transform Egypt into a global\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563404,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/egypts-current-account-deficit-doubles-in-3q2020-2021\/","url_meta":{"origin":639823,"position":3},"title":"Egypt\u2019s current account deficit doubles in 3Q2020-2021","author":"enterpriseam admin","date":"30 June 2021","format":false,"excerpt":"Egypt\u2019s current account deficit more than doubled to USD 5.7 bn in 3Q2020-2021, from USD 2.8 bn in the same period last year, according to our math based on central bank figures (pdf) released last night. On a quarterly basis the deficit widened almost 20% from USD 4.8 bn in\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571129,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/30\/apicorp-to-support-member-countries-with-usd-500-mn-covid-19-recovery-funding\/","url_meta":{"origin":639823,"position":4},"title":"Apicorp to support member countries with USD 500 mn \u2018covid-19 recovery\u2019 funding","author":"enterpriseam admin","date":"30 April 2020","format":false,"excerpt":"Egyptian companies will be among the beneficiaries of USD 500 mn in covid-19 recovery funding from Apicorp: The Arab Petroleum Investments Corporation (Apicorp) has announced a USD 500 mn funding package to help its clients in the energy sector cover shortfalls caused by the covid-19 pandemic and the collapse in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559478,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/cdc-plans-usd-1-bn-investments-for-africa-including-egypt\/","url_meta":{"origin":639823,"position":5},"title":"CDC plans USD 1 bn investments for Africa, including Egypt","author":"enterpriseam admin","date":"24 January 2021","format":false,"excerpt":"CDC Group is earmarking some USD 1 bn for infrastructure and finance investments in Africa in 2021, with a particular focus on Egypt, Ethiopia, Kenya, and Nigeria, CEO Nick O\u2019Donohoe told Bloomberg in an interview. This will be roughly what it invested in Africa in 2020, he said.Where\u2019s the money\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/279.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=639823"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639823\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/639813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/639824"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=639823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=639823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=639823"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=639823"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=639823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}