Egypt has been long known for its rich cultural heritage and ancient ruins. However, in recent years, the country has been making strides to reposition itself as a leading hub for businesses in the Middle East. With a population of over 100 million, a strategic location as a gateway between Africa and the Middle East, and a young and tech-savvy workforce, Egypt has a lot to offer to companies looking to expand their operations.
One of the key drivers of the Egyptian economy is the government’s efforts to improve the business environment. In recent years, Egypt has implemented a range of reforms to make it easier to set up and run a business. For instance, the government has created a one-stop-shop for business registration, streamlined the licensing process, and introduced electronic payment systems. Additionally, the country has lowered its corporate tax rate, increased access to finance, and launched a number of economic zones targeting different sectors.
These reforms have had a significant impact on the country’s economy, with Egypt now ranked as one of the top ten reformers in the world for ease of doing business. Notably, the country has attracted a significant amount of foreign investment, particularly in the sectors of infrastructure, energy, and tourism. In fact, according to the UNCTAD, foreign direct investment (FDI) inflows to Egypt increased by 11% in 2019, reaching $9 billion.
Another factor contributing to the growth of businesses in Egypt is the growing digital ecosystem. Egypt has one of the highest rates of internet penetration in the region, with over 50 million users. The country has also seen a surge in technology startups, with a number of incubators and accelerators sprouting up to support local entrepreneurs. Some notable startups include Fawry, a payment gateway; Instabug, a platform for bug reporting and user feedback; and Vezeeta, a platform for booking medical appointments.
Apart from the domestic market, Egypt also offers access to a large regional market through its membership in the African Continental Free Trade Agreement (AfCFTA). The AfCFTA provides a platform for Egyptian businesses to access a market of 1.3 billion people and create new opportunities for growth.
In conclusion, Egypt is an attractive destination for businesses looking to expand their operations in the Middle East and Africa. With a business-friendly environment, a young and skilled workforce, a supportive startup ecosystem, and access to a large regional market, Egypt provides a range of opportunities for growth and investment. As the country continues to implement reforms and invest in infrastructure, the potential for business growth in Egypt is significant.
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