The headline seasonally adjusted IHS Markit Egypt PMI rose from 49.4 in August to 50.4 in September, signaling an improvement during the latest survey period.
“The result marked the first above-50.0 reading since July 2019. The latest div pointed to only a marginal improvement in business conditions, suggesting the Egyptian non-oil economy has further scope to recover to the level of performance seen prior to the novel coronavirus (COVID-19) pandemic,” the report said.
"The latest Egypt PMI data offered more optimism for businesses, as the September PMI indicated an improvement in economic conditions for the first time in 14 months. While only marginally in positive territory at 50.4, the PMI was also strongly above its trend level of 48.1,” Economist at IHS Markit David Owen said.
Meanwhile, CEO of the Egyptian General Authority for Investment and Free Zones, Mohamed Abdel Wahab, and Managing Director of Sumitomo Egypt, Ahmed Magdy met and discussed the latter’s increase of its investments in Egypt by EGP1 billion, through the establishment of a new project for the company.
Abdel Wahab confirmed that the Authority provides all facilities and incentives to the company to encourage it to enter the Egyptian market, and support all companies that boost Egypt's position as a strategic hub for global supply chains, serve the national economy and provide more job opportunities.
He stressed that the Japanese company’s plans to expand in Egypt are consistent with successive international institutions’ testimonies about the Egyptian economy, and its ability to quickly recover from the effects of the coronavirus pandemic, by following the economic reform program adopted by the government.
