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Invest in the M Editerranean SURVEY N° 3 / March 2009 Invest in the Mediterranean the in Invest Foreign direct investment towards Med countries in 2008: Facing the crisis MED-Alliance Foreign direct investment in the Med countries in 2008 Facing the crisis Study N°3 March 2009 ANIMA Investment Network Samir Abdelkrim / Pierre Henry Foreign direct investment in the Med region in 2008 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 70 or so 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 978‐2‐915719‐31‐4 EAN 9782915719314 © ANIMA‐Invest in Med 2009. No part of this publication may be reproduced without express authorisation. All rights reserved Cover photograph: Fotolia.com Authors . Pierre Henry, Samir Abdelkrim (in charge of the observatory, the preparation and the writing of this report), assisted by Bénédict de Saint‐ Laurent (editing, global review), Emmanuel Noutary (positioning), Loïc Pendeliau, Xiugui Zhang, Adeline Joanny and Catherine Pettenati for the data collection. All belong to the ANIMA team. Warm thanks are extended to the business intelligence team of the French Agency for International Investments (AFII) which assisted ANIMA in the detection of certain projects. The various Investment Promotion Agencies (IPA) of the Med region and the French Economic Missions abroad for the supply of certain information. 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. 2 Foreign direct investments in the Med region in 2008 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 3 Foreign direct investment in the Med region in 2008 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 4 Foreign direct investments in the Med region in 2008 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
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