Mediterranean monitor

The Mediterranean Economic Leaders Summit was held on June 3 and 4 in Barcelona. It was organised by the main business support organisations of the Euro-Mediterranean region (ANIMA, ASCAME, BUSINESSEUROPE, BUSINESSMED, EUROCHAMBRES and UEAPME), with the collaboration of ACC1Ó, the City Council of Barcelona, the Chamber of Commerce of Barcelona, CEOE, Foment del Treball Nacional. The Summit issued the following declaration:

On 3-4 June 2010, representatives of the private sector, business support and economic development organisations from Europe and the Mediterranean gathered at the Mediterranean Economic Leaders Summit to urge political leaders to further promote Euro-Mediterranean economic integration and to involve the private sector systematically into the process of shaping the Union for the Mediterranean.

The UfM has so far not lived up to its high expectations, following its launching in 2008. After two years, the UfM is still focusing mainly on the input side, e.g. structures and responsibilities, instead of the output side. The UfM is currently struggling to achieve its primary goal: building confidence amongst its members by generating tangible projects on the ground.

Furthermore, the cancellation of the Political Summit of the Heads of State and Governments of the UfM planned for 7-8 June 2010 is a disappointment and a further sign that the UfM is not performing in a way that will bring benefits to the Euro-Mediterranean zone. Business needs the governments of the UfM countries to show leadership to create a beneficial investment climate.

The UfM must be driven by a new spirit of cooperation and conciliation to unlock the potential of business development. Political summits should always be organised in line with this spirit and based on the principles of the Barcelona Process. Additional funding for the UfM Secretariat should be contingent on its ability to faithfully pursue the business development projects with all partners.

We also expect business organisations to be closely associated with future decisions to guarantee that our views are fully taken on board.

Euro-Mediterranean Business has highlighted a series of key points, proposals and recommendations on the shaping of the UfM, in order to make it an operational union that can
develop concrete projects of joint Euro-Mediterranean interest and promote sustainable development especially in the Southern Mediterranean countries.

There are tremendous opportunities for economic growth and development in the Euro-Mediterranean area. Business is counting on governments to move forward in their next planned meeting in November 2010 to advance the process towards the establishment of a truly open and dynamic regional market.

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Development of telecommunication infrastructure is the main focus of government plans for massive investment over the next ten years. International companies (Alcatel, Siemens, Ericsson and Nokia in particular) are already doing business in Libya. Many opportunities in internet and data processing are available to small businesses. A case in point is the plan to spend about $15 million to install a data-processing network connecting Libyan banks. Demand for equipment and services relating to ICT in the public sector is growing in the framework of an ongoing master plan for networking strategic public services and the private sector, in particular foreign oil companies, which need appropriate infrastructure to carry out their projects.

We are Libya specialists: Malta's proximity to Libya, and our in-house expertise of Libya's economy, of its institutions and business practices, and our professional networks on the ground, are probably unique amongst Grant Thornton firms. Contact us

More on telecom and internet prospects in Libya from ANIMA Investment Network. Click here

The Neighbourhood Investment Facility (NIF), a key instrument of the intensified European Neighbourhood Policy (ENP), will benefit in 2009 from a €70 million contribution by the European Commission. These resources will allow neighbouring partner countries to leverage increased funding for major investment projects in areas such as energy, transport and environment, and also SME development and the social sector. The Commission provides, through the NIF, grant support for lending operations of European Development Finance institutions in these countries. Out of the €700 million that the Commission intends to allocate to the NIF for the period 2007-2013, €170 million have now been made available for the financing of eligible projects (€50 million approved in 2007, €50 million in 2008 and an additional €70 million this year).

Launched in May 2008, the NIF aims to strengthen Community and Member States' grant support for lending operations carried out by European multilateral and bilateral development finance institutions in ENP partner countries. NIF operations focus on countries which have already signed an ENP Action Plan with the EU, amongst which Mediterranean region countries Egypt, Jordan, Lebanon, Morocco, the Palestinian Occupied Territories and Tunisia.

Brussels, 20 July 2009

More on the Neighbourhood Investment Facility. Click here

A new publication by the European Investment Bank and the European Commission presents the experiences of a number of entrepreneurs in the Euro-Mediterranean region. These stories indicate the huge potential of a region that has always been a crucible of trade, entrepreneurship and innovation; one that could become an area of shared prosperity. Whether to reduce their production costs and remain competitive in the face of globalisation, to embrace new markets or to safeguard and create jobs, these entrepreneurs seized the opportunities offered by the Mediterranean's southern shores.

Boosting business in the Mediterranean, 2009, is available free of charge from the EU Bookshop. Click here