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| ROUND UP: The month at a glance |
Cotton exports up
This season’s Egyptian cotton exports to 28 countries reached
1,395,960 kantars to total $191,33,393. India, accounting for 14.24
percent of the total export contracts with 198,740 kantars, was
followed by Italy with 181,920 kantars, accounting for 13.20 percent.
Pakistan occupied third place with 122,620 kantars, representing
8.78 percent of the total.
The current cotton export season closed at the end of July, while
the new export season starts in October.
Mining investors offered concessions
The Egyptian Geological Survey & Mining Authority (EGSMA) has
offered new mining concessions to international and local mining
companies in the near future. The mining areas include the Alaki
Valley near Aswan in addition to other areas in the Western Desert
rich with minerals such as phosphate, tantalum and niobium.
More investment in oil
The Ministry of Petroleum revealed foreign investments totaled $2.8
billion in the fields of exploration activities and natural gas
exports during the financial year 2003/04
The sector’s investments over the past five years surged to
more than $9 billion, including $2.3 billion in foreign investments
in non-oil projects in addition to $7 billion in oil exploration
and development activities.
EU exempts agro-goods
The year-round importation of seven custom-exempted Egyptian agricultural
commodities has been approved by the EU without export quotas.
Citrus, medicinal and aromatic plants, guava, palm dates, mangoes,
dried legumes and fresh vegetables were among the large range of
commodities included.
Exports surge
The aggregate volume of Egyptian exports reached £E 4.3 billion
in January 2004, against £E 2.9 billion in January 2003 according
to a Central Agency for Public Mobilization & Statistics (CAPMAS)
report. In the same period, the trade balance deficit declined from
£E 2.5 billion to £E 2.2 billion, although Egypt’s
total imports soared to £E 6.5 billion from £E 5.4 billion.
Among Egypt’s exports that scored an increase were oil products,
crude oil, raw cotton, ready-to-wear clothes, rice, oranges, plastics
and cotton yarns, the report said.
Cars to remain Costly
The Customs Authority announced that there would be no change to
the tariff structure on cars before 2010. Many had expected all
customs tariffs on cars to be abolished in 2005 within the framework
of the General Agreement on Tariffs & Trade (GATT). However,
Egypt has already honored its commitments concerning tariff cuts.
Cars are further subject to a sales tax on the total value of
the car, including customs.
GCC investment on the rise
According to a Gu1f Center for Strategic Studies report, Gulf Council
Countries (GCC) investments in Egypt have increased to represent
66 percent of total Arab investments in Egypt.
The study revealed that Saudi Arabia, the UAE and Kuwait are Egypt’s
biggest trading partners.
Power station renovated
The increasing demand for electricity has prompted a £E 1.3
billion investment over the next three years to develop the power
grid in the Suez governorate. A further £E 4.4 billion has
been allotted to implement projects started in 1981, including power
stations for boosting the power supply to the Gulf of Suez in order
to boost economic activities there.
Privatization pushed
Investors buying state-owned companies will be offered incentives
including customs and taxes exemptions from the Ministry of Investment
to activate the government’s privatization program. Minister
of Investment Mahmoud Mohieldin said the Egyptian cabinet had agreed
on selling some companies under the umbrella of the investment incentives
law that offers customs exemption for 10 years.
Tycoon arrested
Yassin Aglan, a business tycoon who fled Egypt three years ago to
evade a court ruling sentencing him to 15 years in jail on charges
of bank fraud and obtaining £E 300 million in loans without
providing adequate collateral, has been extradited to Egypt from
Syria. Aglan, one of 31 defendants in the “loan deputies”
case, was handed over upon a request received from Interpol.
Nuclear meetings set
Foreign Minister Ahmed Aboul Gheit met with International Atomic
Energy Agency (IAEA) chief Mohamed ElBaradei to discuss a forthcoming
multilateral forum in Vienna to examine ways of making the Middle
East a zone free of nuclear weapons.
The IAEA-hosted forum is scheduled for January 2005 and is expected
to bring together member states of the Middle East, along with the
members of the UN Security Council.
No Nile water for Israel
The Ministry of Irrigation & Water Resources dismissed reports
claiming that Egypt would provide Israel with Nile water via Sinai.
In statements published by Kuwaiti newspaper Al-Anba’a, Minister
Mahmoud Abou Zeid said that Nile water is governed by international
agreements that exclude Israel.
Hamza released
Egyptian architectural consultant Mamdouh Hamza was released from
the UK’s Belmarsh prison without bail. Hamza, who was arrested
on July 12 and charged with four counts of soliciting murder, was
initially refused bail. The terms of his current release stipulate
that he will not be allowed to leave England before his trial, scheduled
to begin on September 1.
Relic Returned
A stolen Egyptian relief from 380-280 BC spotted in a Christie’s
auction house catalogue has been returned to Egypt. The granite
relief, valued at $5,000, was taken from the Temple of Behbeit Al
Hagar in Gharbiya in 1990, Egyptian authorities said. The suggested
bid for the relief was $7,000 to $9,000, according to an affidavit
in support of a seizure warrant filed by the government in the Federal
District Court in Manhattan last October.
Canada backs SMEs
The Ministry of International Cooperation has received a $15.5 million
grant from the Canadian Development Agency to provide financial
support for small and medium-sized enterprises aiming at creating
more jobs and reducing poverty in governorates such as Damietta
and Dakahliya, where there are strong economic and industrial bases
for manufacturing high-export-potential products such as furniture
and food commodities.
Jordan, egypt cooperatie
Foreign Minister Ahmed Aboul Gheit and Jordanian minister of justice
Salah Bashir held talks in Cairo centered on a Jordanian initiative
on developing the administrative and judicial systems in the region
to enhance civil services and partnership between the public and
private sectors.
Air alliance signed
EgyptAir and Gulf Air signed a strategic alliance to boost their
cooperation, particularly in the Middle East, in jointly operated
services, marketing and sales, flight scheduling, cargo, technical
services in foreign stations, the leasing of aircraft and frequent
flyer services, said a joint statement.
The agreement includes jointly operated services to tourist spots
in Egypt such as Sharm Al Sheikh and Hurghada and will be extended
in the winter months to other destinations, including the Cairo-Bahrain-Sydney
route.
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