Federation of Israeli Chambers of Commerce chairman Uriel Lynn said at a Euromed conference in Rome earlier this month that 45% of foreign investment in the Middle East (Jordan. Syria, Egypt, Tunis, Morocco, Israel, Lebanon, Algeria) by residents of European Union countries, amounting to $3.7 billion, was in Israel.
In 2003, 27% of EU foreign investment was in Morocco, 7.6% in Algeria, and 7% in Tunisia. The steepest rise in EU investment was in Israel, from $1.8 billion to $3.7 billion (98%), and Morocco, by $400 million to $2.2 billion.
The Euro-Mediterranean Conference held in Barcelona on 27-28 November 1995, marked the starting point of the Euro-Mediterranean Partnership (Barcelona Process), a wide framework of political, economic and social relations between the Member States of the European Union and Partners of the Southern Mediterranean.
The Euro-Mediterranean Partnership thus comprises 35 members, 25 EU Member States and 10 Mediterranean Partners (Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Palestinian Authority, Syria, Tunisia and Turkey). Libya has observer status since 1999.
Lynn added that foreign investment was one of the most important tools for regional development. Speaking at an international conference in Rome on 'Development in the Mediterranean: opportunities and strategies', he said: "We must consider the Mediterranean as an homogeneous body and not as an entity plagued by conflicts. We have to work together to achieve a strong investment flow to the entire Mediterranean region. In such a way the region can embark upon higher development level".
The flow of direct investment from the EU to Middle Eastern countries has risen by 62% from $5.2 billion in 1998 to $8.4 billion in 2004, a 62% increase.
