Doing business in Egypt

• Introduction to Egypt
• Egyptian's Economy
• Principal growth sectors
• Foreign Direct Investment in Egypt
• Invest in Egypt
• Open a business in Egypt
• Orascom Telecomm

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Learning Unit Summary

Egypt has developed from the earliest of times as a multi-cultural community, a blending of the traditions of Africa and the Middle East, with the influences of Europe across the Mediterranean Sea. Egyptian society is tolerant and welcoming with a democratically elected government.

Egypt's 72 million population, growing at the rate of 2% per annum, represents a large domestic market for any investor.

The Egyptian economy has improved as reflected by a real growth rate of 4.9 per cent in GDP during the FY 2004/05 (up from 4.2 per cent in 2003/04). GDP reached EGP 558 billion, up from EGP 485 billion in 2003/04.

Fiscal year 2004/05 is expected to record Egypt’s largest ever balance of payments (BOP) surplus. During the first three quarters of 2004/05, BOP has been on an upward curve, recording an overall balance of USD 2,681.6 million in Q3 2004/05, compared with a deficit of USD 410.6 million recorded in the same quarter for the previous year. The positive balance during Q3 of 2004/05 was attributed mainly to a noticeable improvement in the capital and financial accounts, and a small increase in the balances in current accounts.

Almost six out of every 10 Egyptians are under 25. They are enthusiastic, educated, forward looking and open to new opportunities. They receive a well-rounded education and increasing numbers are acquiring degrees and specialized skills and training to take advantage of the new careers that are opening up.

Over the centuries, Egypt has produced highly qualified workers, adaptable to the needs of the times, knowledgeable and creative. Today’s 21 million workers have mastered a wide variety if skills. About 58 per cent of the total population is under the age of 25, while 41 per cent is between 15 and 39.

Their culture and respect for history is deep-rooted in the linkages Egypt has forged with Europe, Asia and the Arab world. In the fourth century BC the great Library at Alexandria became the world’s first university, recognised as the world’s intellectual and commercial capital. Today more than 800,000 people visit The Bibliotheca Alexandrina (The new Library of Alexandria) a place of learning, dialogue and tolerance that reflects Egypt’s continuing contribution to the expansion of knowledge.

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