The Egyptian economy has recently received some positive investment news. Egypt’s Carbon Holdings has announced it plans to begin construction on a $7 billion petrochemical complex in late 2015. With a so-called “Friends of Egypt” investment conference planned for February of next year, the announcement is a boost to an economy that has languished in recent years due to political instability.
Egyptian officials are seeking to attract billions of dollars in foreign, private investment. In May, Basil El-Baz, CEO of Carbon Holdings, spoke at ASP’s 21st Century U.S.-Egypt Strategic Relations conference and conveyed optimism that with the correct reforms Egypt can open a new chapter in the region’s economic development. El-Baz told Bloomberg News:
Egypt doesn’t have any of these facilities, as a consequence we haven’t seen the production of basic goods such as fishing lines and automotive tires.”
The decision to make such an investment at this time appears to be a vote of confidence for the economic measures implemented by the new government headed of President Abdel-Fattah El-Sisi.