The Briefing

Weekly business & investment updates curated for you.

Erbil Rotana

Britain — The UK has secured more than £15 billion of extra foreign investment since the referendum, ministers announced as they hailed the “clear vote of confidence in the UK”. Liam Fox, the International Trade Secretary, said his department, which was set up following the Brexit vote, has reached deals on more than £16.3 billion worth of foreign direct investmentin sectors including property development, infrastructure and renewable energy.

China — Foreign direct investment in China will remain stable for 2016, while outbound direct investment will post strong growth, the Ministry of Commerce announced. FDI, which excludes investment in the financial sector, is likely to be around 785 billion yuan, or $126 billion this year, said the ministry in a statement on its website, citing a report delivered by Commerce Minister Gao Hucheng. Total FDI for 2015 rose 6.4% from 2014 to $126.27 billion.

Egypt — Egypt's current account deficit widened to $4.98 billion in the first quarter of the 2016/17 financial year from a deficit of $4.0 billion in the same period a year earlier. The overall balance of payments was in surplus to the tune of $1.9 billion compared to a deficit of $3.7 billion in the same period a year earlier. Net inflows of foreign direct investment rose to $1.9 billion from $1.4 billion. Portfolio investment in Egypt registered a net outflow of $841 million compared to an outflow of $1.4 billion in the same period last year.

Ethiopia — The Ethiopian Investment Commission announced that more than half a billion dollars in Foreign Direct Investment entered the country in the last three months. Even more interestingly, 3.5 billion dollars worth of foreign direct investmentfrom 124 investors was being processed.

India — Steel major Tata Steel announced it is in discussion with foreign companies for investments in heavy industriesover the next five years at the Special Economic Zone project at Gopalpur in Odisha.

Indonesia — The combined $2.8 billion worth of property projects in and around Jakarta implies that 2016 is the best year in terms of foreign investment in Indonesia's property sector since 2007.

Kazakhstan — Foreign direct investment in the country increased 4.7 percent to 6 trillion tenge ($18.12 billion)in the first 11 months of 2016, according to Kazakh Minister of National Economy Kuandyk Bishimbayev.

Myanmar — The Myanmar Investment Commission is working to boost foreign investment into the Thilawa Special Economic Zone, giving the green light to proposals and attracting new proposals. The MIC has not yet granted permits to 52 investment proposals worth nearly $3 billion, which would take foreign direct investment above the anticipated level. Foreign investment in Thilawa has exceeded $900 million and total FDI is set to reach $6 billion in 2016.

Taiwan — Foreign direct investments into Taiwan saw an increase of 157.58% in the first 11 months of the year, to reach $10.63 billion. This was despite a 9.35% decline in the number of FDI projects approved by the government, according to the latest statistics from the Investment Commission of the Ministry of Economic Affairs.

Vietnam — Vietnam's foreign direct investment disbursement is expected to hit a record high of some $15.8 billion in 2016, up 9% year-on-year, said the Ministry of Planning and Investment. So far this year, the country has granted new licenses to 2,556 FDI projects worth 15.182 billion US dollars, up 27% in volume and down 2.5% in value year-on-year.

The Briefing

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