From Infrastructure Investments to Foreign Trade Deals: Egypt’s Business Prospects for the Rest of 2021

From Infrastructure Investments to Foreign Trade Deals: Egypt’s Business Prospects for the Rest of 2021

Egypt has been reshaping its economic policy to attract investments and increase foreign trade. The country has always been a hub for trade operators and a hub for cultural tourism, with historically rich cities such as Alexandria, Cairo, and Luxor. Over the years, the country has made large-scale investments in infrastructure projects that are crucial for the development of its economy. As we look forward to the rest of 2021, let’s explore Egypt’s business prospects from infrastructure investments to foreign trade deals.

Infrastructure Investments:
The increasing population in urban areas of Egypt and ongoing development plan has led to one of the largest infrastructure investments currently in progress. One of the significant projects disrupting transportation and travel is the development of the New Administrative Capital. The New Administrative Capital is situated on the east bank of the Nile, halfway between Cairo and Suez, expected to become the new political and financial capital of Egypt. The project is part of Egypt’s 2030 vision and, once completed, is expected to host seven million people, housing government establishments, and foreign embassies.

The government has also invested in renewable energy, such as wind and solar, to substitute the dependency of fossil fuels. With significant investments in the clean and renewable energy infrastructure, the country plans to produce approximately twenty percent of its electricity from renewable sources by 2022.

Egypt’s infrastructure investments have played a significant role in driving the country’s economic development and improving foreign direct investments. Also, Egypt has been successful in building a robust transport network that includes roads, railways, seaports, and airports, making it a major connective point for trade.

Foreign Trade Deals:
Egypt has been an attractive trade destination for a long time, with rich cultural traditions, strategic location, and a talented workforce. With its ongoing infrastructure investments and opening of the Suez Canal, Egypt’s economic policies have been geared towards becoming a regional hub for trade.

The African Continental Free Trade Agreement aims to create a single market for goods and services, and capital flows between African countries. Egypt is a signatory to this agreement, which is expected to have a considerable impact on the country’s economy as it expands its trade opportunities within the continent.

Furthermore, Egypt and the United Kingdom signed a post-Brexit trade deal in December 2020. The deal will provide immediate benefits to both countries and help increase trade opportunities worth billions of dollars. The agreement will secure existing trade agreements between the UK and Egypt, establishing an ambitious framework for future agreements.

Conclusion:
Egypt’s development plan has been centered around investment in infrastructure, innovation, and human capital development. These investments have contributed to modernizing and improving Egypt’s infrastructure, reducing production costs, and expanding markets for domestic-produced goods. The country has become an attractive destination for regional and international investors, attracted by its strategic location and competitive advantage.

Moving forward, Egypt’s focus is to bolster foreign direct investments by continuing its infrastructure development that will attract more investors into the country. Moreover, the country’s strategic location makes it an ideal hub for regional trade, expanding business opportunities for its citizens and attracting more foreign investments.

In conclusion, from infrastructure investments to foreign trade deals, Egypt’s business prospects for the rest of 2021 look promising and will result in boosting the country’s economic growth and development.

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