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EU Increases Investment in Deep Tech to Compete with Global Tech Leaders

by THEFUTURE.TEAM

November 5, 2024

In a strategic move to stay competitive in the global tech landscape, the European Union (EU) is set to invest €1.4 billion ($1.5 billion) in deep tech research in 2025. This significant funding boost will come from the European Innovation Council (EIC) as part of Horizon Europe, the EU’s flagship research and innovation program.

This marks a notable increase of €200 million compared to the previous year’s budget, underlining the EU’s commitment to strengthening its tech capabilities. With this investment, European policymakers aim to narrow the gap with technological heavyweights like the United States and China.

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The deep tech sector, which encompasses advanced fields like artificial intelligence (AI), quantum computing, and biotechnology, has been identified as essential for Europe’s economic revitalization. “The European Innovation Council has emerged as a game-changer in EU support to breakthrough innovation,” stated EU Commissioner Iliana Ivanova. She highlighted the council’s expanded role in channelling resources toward pioneering advancements in technology that could shape the future of Europe’s economy.

As the global tech race accelerates, the EU’s increased funding for deep tech initiatives reflects its resolve to position Europe as a leading hub for innovation and technological progress.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.