By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt to issue new bonds for climate, social goals
    Egypt to issue new bonds for climate, social goals
    September 27, 2023
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    September 27, 2023
    UNDP, MBRF launch online learning initiative for Arab countries
    UNDP, MBRF launch online learning initiative for Arab countries
    September 27, 2023
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    September 27, 2023
    GAFI to grant 45 more golden licences to boost investment
    GAFI to grant 45 more golden licences to boost investment
    September 27, 2023
  • Politics
    PoliticsShow More
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    September 27, 2023
    CCCPA, Senghor University join forces for African peace, development
    CCCPA, Senghor University join forces for African peace, development
    September 27, 2023
    Arab League chief urges more funding, investment for food security
    Arab League chief urges more funding, investment for food security
    September 27, 2023
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
    vPalestine urges international action to end Israeli occupation, crimes
    Palestine urges international action to end Israeli occupation, crimes
    September 26, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Brazilian investors eyes Egypt’s market after Morsi’s visit
Share
Notification
Latest News
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
Saudi Public Investment Fund eyes stake in Palm Hills Development
Saudi Public Investment Fund eyes stake in Palm Hills Development
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Economy > Brazilian investors eyes Egypt’s market after Morsi’s visit
BusinessEconomy

Brazilian investors eyes Egypt’s market after Morsi’s visit

Nada Badawi
Last updated: 2013/05/25 at 7:56 PM
By Nada Badawi 3 Min Read
Share
Brazilian President Dilma Rousseff (R) and Egypt's President Mohamed Morsi in Brasilia, on May 8, 2013 (Brazilian Presidency/AFP, Roberto Stuckert Filho)
SHARE
Brazilian President Dilma Rousseff (R) and Egypt's President Mohamed Morsi in Brasilia, on May 8, 2013 (Brazilian Presidency/AFP, Roberto Stuckert Filho)
Brazilian President Dilma Rousseff (R) and Egypt’s President Mohamed Morsi in Brasilia, on May 8, 2013 (Brazilian Presidency/AFP, Roberto Stuckert Filho)

President Mohamed Morsi’s visit to Brazil earlier this month in which he called on investors to tap into Egypt’s market seems to have reaped fruit.

Camargo Correa Group, one of Brazil’s largest private conglomerates, has already pumped in more than EGP 1.9bn worth of investments into Egypt, according to local media reports. The investment is aimed to foster employment and boost investors’ confidence in the country’s economy, the reports said.

“Egypt has been selected from four countries in the Middle East, Turkey, Tunis, Morocco, as the best country to pump investments in,” said Ricardo Barbosa, business director of InterCement Brasil, the cement division of the conglomerate group, according to a statement posted on the company’s website.

Barbosa added that Egypt has the potential to recover from the current political transition.

“Morsi’s visit to Brazil was reassuring to Brazilian investors and businessmen regarding the investment atmosphere in Egypt,” he said.

The president’s trip earlier this month was focused on finding economic opportunities and strengthening bilateral relations between Egypt and Brazil.

His trip to Brazil was the last in a tour of the BRICS countries, as he had already visited the other four member states, Russia, India, China and South Africa.

Morsi pledged for Egypt to join the BRICS bloc during his visit to India two months ago where the announcement was publicised in an Indian newspaper.

“I am hoping BRICS would one day become E-BRICS where E stands for Egypt. I hope E-BRICS would emerge when we start moving the economy,” he said during his visit.

“Brazilian President Dilma Rousseff welcomed the idea of Egypt joining the BRICS,” presidential spokesperson Ehab Fahmy said after the visit.

Morsi lauded the proposal for the establishment of a BRICS bank that would “support countries to achieve high growth rates and supplement the role of the IMF, World Bank and similar institutions”.

BRICS encompasses a bloc of the world’s large, growing economies, which are originally projected to overtake the current major global economies in the first half of the 21st century.

Morsi’s frequent visits abroad have come in an attempt to address the ailing economy as the country’s foreign currency reserves have dropped to $13.5bn for this year.

You Might Also Like

Egypt to issue new bonds for climate, social goals

Saudi Public Investment Fund eyes stake in Palm Hills Development

UNDP, MBRF launch online learning initiative for Arab countries

Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services

GAFI to grant 45 more golden licences to boost investment

TAGGED: Brazil, BRICS, Egypt, foreign currency reserves, foreign investments, Morsi
Share this Article
Facebook Twitter Email Print
Previous Article The Commercial International Bank (CIB) hosted its first workshop entitled "Exchange Services for Companies" (Photo Public Domain) Business News: CIB ranked Egypt most efficient bank
Next Article “Show me the Money…”
3 Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?