Egypt III: Business in Egypt

Aired March 2007

Egypt has been for centuries the centre of the Arab world – geographically, culturally and economically. Today, it is a bustling country of nearly 80 million people.

It has been and remains a strong ally of the US, its largest foreign trade partner.

Egypt embarked in 2004 on a far-reaching programme of economic liberalization which has resulted in a strong and continued growth as well as a record level of foreign investment.

FINANCE

The banking and financial sector is also proving to be a strong catalyst for development and contributes to raising investor confidence.

Restructured and consolidated over the past years, Egypt’s financial system is now transparent and solid enough to provide the country with the credit it needs to grow.

The overhaul of the banking sector consolidated the position of the country’s financial institutions and has begun to attract substantial foreign interest in the market.

The IMF has lauded Egypt’s strong balance of payments and foreign reserve positions, and has estimated that the level of business confidence has reached an all-time high.

HEALTH

The Egyptian healthcare sector is another avenue for lucrative investments.

Privatisation is a growing trend within the industry, producing considerable changes and opportunities in the market.

Worth an estimated 1.6 billion US dollars in 2005, Egypt’s booming pharmaceutical market is the largest in the region.

ENERGY

With much development potential still to be found in the energy sector, Egypt is paying special attention to the industry as an engine for national development.

TOURISM

Tourism is big business, possibly the biggest given its potential to be the driving force of the economy.

The flagship carrier EgyptAir seeks to increase tourist arrivals to the country.

Egypt is known as an all-year-round destination and has the ability to attract tourists both from Western and Arab markets.