Negative BOP THE BALANCE of Payments (BOP) figures for the nine months ending in March, including two months after the revolution, showed a deficit of $5.5 billion compared to a surplus of $3.1 billion during the same period of last year. In the third quarter alone, tourism declined to $1.8 billion compared to $2.7 billion a year earlier, while Foreign direct investments (FDI) registered an outflow of existing investments, a surprising decline to most economists who expected a severe decline in the inflow of FDIs and not an outflow. Moreover, portfolio investments -- investments in securities -- were negatively hit by foreigners fleeing the market with portfolio outflows during the first three months of the year reaching $5.5 billion, compared to a net of $1.3 billion a quarter earlier. However, on annual basis, goods exports, Suez Canal receipts and transfers hiked thanks to an increase in oil prices. Exports increased by 15 per cent year-on-year despite the sabotage of Egypt's natural gas pipeline to Jordan and Israel, which halted flow for over a month. According to CI Capital, rising oil prices outweighed current instability and pushed up transfers to reach $2.8 billion. The relatively low private spending weighed down on imports to settle at $11.3 billion in the nine-month period. Shaping a better future IT WOULD not take much for a visitor's eye to be captured by the innovative displays of the latest applications, communication tools, software and technologies which took place in the 15th International Telecommunication, Information Technology Trade Fair and Forum of The Middle East and North Africa, Cairo ICT 2011 held on 25-28 May, Nesma Nowar reports. Cairo ICT annually serves as a platform for introducing new business, emerging technologies, exchanging expertise, and a meeting point of all ICT players in the region. Some 350 local and multinational ICT companies exhibited this year. Against expectations, this year's fair witnessed a great demand and visitors were 24 per cent more than last year. It was expected that Cairo ICT 2011 might not attract many visitors due to the economic slowdown witnessed after the revolution. TE Data, Egypt's largest IP based data communications carrier, showcased what they called "An Egyptian Tale" which narrated, by pictures and devices, how communication tools developed over history starting from 1854 until the age of social networks, like Twitter and Facebook, which played a major role in Egypt's uprising on 25 January. "Innovation in ICT has no ceiling as every new technology makes our life easier and better." said an employee at TE Data. The Cairo ICT Exhibition and Conference Forum has also provided a platform for heated debate on several issues, such as the future of the Internet in Egypt, challenges facing small and medium enterprises (SMEs), entrepreneurship as well as the future of film-making in Egypt after the revolution in the light of Cairo ICT's initiative to support the film-making industry in the country.
