WEBINAR Export and Business Opportunities in Egypt – an overview
With its rapidly increasing population, advantageous geographic position and growing economy, Egypt is a market with a lot to offer. Its strategic location linking the Middle East, Europe, Africa and Asia make it an ideal global business hub and its free trade agreements with the EU, Africa and the Gulf give favoured access to regional growth markets in the Middle East and Africa. The new bilateral trade agreement between the UK and Egypt – which will replace the EU agreement following EU exit – is in its final stage of negotiations. GDP growth estimates vary, but it should be around 5% this year – COVID notwithstanding with the outlook positive. There are opportunities for UK firms in many sectors. Pre-COVID, tourism, construction, and oil and gas were driving growth. The country also has a growing automotive sector with brands such as Daimler, Kia, and Peugeot being manufactured under licence. Chemicals and consumer electronics are increasingly important sub-sectors within the industrial economy. Steel, too is important, while clothing and textiles remain significant and a major employer. In the service sector banking and insurance are expanding after major reforms in the 1990s. Egypt has long been the information and cultural hub of the Arab World with an increasingly sophisticated communications industry centred on Cairo. Emerging industrial sectors such as ICT also provide opportunities for British businesses. Egypt’s government is still actively working on ways to continuously improve private sector involvement. Major infrastructure projects such as new cities, public transport networks, retail and renewable energy projects, as well as a focus on the upgrade of social services such as healthcare and education means that there are major opportunities for UK companies in a variety of sectors.
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