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Thursday, 22 December 2016

Egypt’s long-term trade prospects are mostly positive, says HSBC

“Egypt’s long-term trade prospects are mostly positive,” according to HSBC’s Egypt Trade report, picked up by Daily News Egypt. The report cites potential infrastructure development, recent natural gas discoveries, the support of the International Monetary Fund to Egypt’s economic reform agenda, and foreign investment from Asia as backing its outlook. “This comes despite current challenges, such as global economic uncertainty, high security risks, political turmoil, fiscal constraints, and rising inflation due to the liberalisation of the exchange rate,” according to the report. While the report views petroleum exports as key for export growth, the sector’s contribution to GDP is expected to decline to 16% in 2021-2030 from 22% in 2015, while offshore investment from Eni and BP are expected to boost GDP and export growth while reducing the country’s imports. Saudi Arabia, Turkey, and the UAE are expected to remain Egypt’s largest export markets (two-thirds of this list doesn’t really like us much these days), whereas China, India, and Bangladesh are projected to be Egypt’s fastest growing export markets.

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