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Bilan MIPO 2003 SURVEY N° 21 / March 2011 Mediterranean The Mediterranean between Invest the in Invest growth and revolution Foreign direct investments and partnerships in MED countries in 2010 The Mediterranean between growth and revolution Foreign direct investments and partnerships in MED countries in 2010 Study N°21 March 2011 ANIMA Investment Network Bénédict de Saint-Laurent Jeanne Lapujade, Zoé Luçon Investments and partnerships in the MED region in 2010 References This report was prepared by the ANIMA team within the framework of the Invest in Med contract. ANIMA Investment Network is a multi-country platform supporting the economic development of the Mediterranean. The network brings together over 80 Investment Promotion Agencies (IPA), international networks and players involved in the territorial development of the Mediterranean region. The objective of ANIMA is to contribute to a better investment and business climate and to the growth of capital flows into the Mediterranean region. www.anima.coop ISBN 978-2-915719-60-4 © ANIMA-Invest in Med 2011. No part of this publication may be reproduced without express authorisation. All rights reserved Authors . Study prepared by Bénédict de Saint-Laurent (chapters 1, 3 and 4, annexes), Jeanne Lapujade (chapter 2) and Zoé Luçon (annex 1), ANIMA. Business intelligence is coordinated by Zoé Luçon (management of the ANIMA-MIPO Observatory) and implemented by Samir Abdelkrim (who also prepared the GIS data), Armel Bouchacourt, Gauthier Cousson, Oulfa Ghazouani, Pierre Henry, Jeanne Lapujade, Adeline Lévêque, Manal Tabet, Maïa Thomine Desmazures. All belong to the ANIMA team. Warm thanks to the various Investment Promotion Agencies (IPA) of the MED region, ANIMA members and the French Economic Missions abroad for the supply of certain information. Special thanks to the business intelligence team of the French Agency for International Investments (AFII) which assisted ANIMA in the detection of certain projects. The cartography for Annex 1 takes its inspiration from a presentation made by Pierre Beckouche and the Collège International des Sciences du Territoire, who we thank here. Neither ANIMA nor any of the partners involved may be held responsible for data supplied. Any error or lack of precision should be signalled to [email protected]. ANIMA is interested in your comments, complementary information and updates. Many thanks. 1 Investments and partnerships in the MED region in 2010 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, EU-10, or new members and EU-27) . FDI: Foreign Direct Investment . GDP: Gross Domestic Product . GIS: Geographical Information System . GNP: Gross National Product . ICT: Information and Communication Technologies . IPA: Investment Promotion Agency . MED-11: Group of 11 countries neighbouring Europe, i.e. 9 Mediterranean partner countries of the EU (Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Palestinian Authority, Syria, Tunisia), one with observer status (Libya) and one in the membership process, Turkey. Malta and Cyprus joined the Union in May 2004. 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 and Partnership Observatory . MPCs: Mediterranean Partners Country of the EU . R&D: Research and Development . SME: Small and Medium Enterprise . UNCTAD: United Nations Conference on Trade and Development . WIR: World Investment Report (UNCTAD report on world investment) 2 Investments and partnerships in the MED region in 2010 List of contents 1. Synopsis: the southern rim of the Mediterranean between two crises... .................................................................................................. 6 A net improvement in foreign investment in 2010 .......................................... 7 Caution nevertheless... ........................................................................................ 8 Origin of FDI: Europe in the lead, but a rise in emerging countries ............. 10 Host countries: the Maghreb trailing behind .................................................... 11 Sectors: less tourism, more cutting edge industry .......................................... 13 From premises of the political crisis to the seeds of hope... ......................... 15 2. The rise of the emerging countries: towards a new North-South equilibrium... .......................................................................................... 16 The growing influence of the BRICs in the region .......................................... 16 Mediterranean economic emergence and integration ..................................... 20 The leading role of Egypt ........................................................................................... 21 Lebanon, a specialist commercial hub (banking, tourism services) ...................... 22 The Maghreb lagging behind somewhat .................................................................. 22 The new role of Turkey in the region ....................................................................... 23 The BRICs and the MED countries, a new trump card for Europe? .............. 25 3. The proliferation of partnerships and new niches ................................... 28 Still insufficient sectoral diversification ............................................................. 28 A sectoral concentration qualified by partnerships and the role of the SMEs ............................................................................................................... 31 The SMEs present in the micro-sectors ............................................................ 32 4. Conclusion: unquestioned growth, but a questionable development model .................................................................................................... 34 Indisputable assets .............................................................................................. 34 An increasingly strong mobilisation in external financial flows .............................. 34 Reforms, acquisition of standards and transfers of know-how ............................. 35 A largely preserved growth (before 2011...)............................................................ 36 A decisive contribution to productive investment .................................................... 37 One million jobs linked to FDI in 2010? .................................................................... 38 The dynamism of new emerging players.................................................................. 40 3 Investments and partnerships in the MED region in 2010 An insufficient development model in terms of concrete local spin- offs... ..................................................................................................................... 40 Weakness of the redistribution and dissemination of the impact.......................... 40 FDI: too concentrated an impact, both socially and spatially ................................ 42 Rethink the Euro-Mediterranean ................................................................................ 43 5. Annexes ............................................................................................. 46 Annex 1. Country digests ................................................................................... 46 Algeria ........................................................................................................................... 47 Egypt ............................................................................................................................. 49 Israel ............................................................................................................................. 51 Jordan ........................................................................................................................... 53 Lebanon ........................................................................................................................ 55 Libya .............................................................................................................................. 57 Morocco ........................................................................................................................ 59 Palestine ....................................................................................................................... 61 Syria .............................................................................................................................. 63 Tunisia ........................................................................................................................... 65 Turkey ........................................................................................................................... 67 Annex 2. Synoptic tables..................................................................................... 69 Nature of projects ........................................................................................................ 69 Top origin countries.................................................................................................... 70 Jobs ...............................................................................................................................
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