Egypt - A Promising Market

Let's us know something about our market country--Egypt.....

Egypt, a country that lies on the northeast of Africa, is famous for its ancient civilization and some of the world's most famous monuments, such as the Giza pyramid complex and its Great Sphinx. Its ancient ruins, such as the Valley of the Kings.

Egypt possesses one of the most developed and diversified economies in the Middle East, with sectors such as tourism, agriculture, industry and service at almost equal rates in national production.

Egypt's economy depends mainly on agriculture, media, petroleum exports, and tourism. Egypt also has a developed energy market based on coal, oil, natural gas, and hydro power. Substantial coal deposits are in the north-east Sinai, and oil and gas are produced in the western desert regions, the Gulf of Suez, and the Nile Delta. Egypt has huge reserves of gas, and LNG is exported to many countries.

Economic conditions have started to improve considerably after a period of stagnation from the adoption of more liberal economic policies by the Government, as well as increased revenues from tourism and a booming stock market. Some major economic reforms taken by the new Government since 2003 include a dramatic slashing of customs and tariffs.

Foreign Direct Investment (FDI) into Egypt also has increased considerably in the past few years due to the recent economic liberalization measure. The IT sector has expanded rapidly in the past few years, with many new start-ups conducting outsourcing business to North America and Europe, operating with companies such as Microsoft, Oracle and other major corporations, as well as many SME's.