Egypt- Business Opportunities
The Commercial Counselor of Embassy of The Arab Republic Of Egypt, Mr. Khaled melad Rezek And Minister Plenipotentiary Mr. Ahmed Ibrahim Aly have accepted the Honorary Membership of Global India Business Forum, in the presence of Global President Dr. Jitendra Joshi, Global Coordinator Deepali Gadkari. Realizing the strengths of Global India Business Forum and the Consulate of The Arab Republic Of Egypt and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
Egypt, officially called the Arab Republic of Egypt, is a transcontinental country, which means that its land is found in more than one continent. The country’s area stretches from the northeastern corner of Africa right up to the southwest corner of Asia through a land bridge formed by the Sinai Peninsula. Egypt is a Mediterranean country which shares its borders with countries like Gaza, Israel, Gulf of Aqaba, Sudan and Libya. It also shares its borders with the Red Sea. The Egyptian civilization is one of the oldest civilizations in the world with the origins tracing back to 6th-4th millennia BCE. The country is considered as the Cradle of Civilization and Egypt saw some of the earliest developments in terms of writing, agriculture, urbanization, organized religion and forming a central government. Modern Egypt first came into existence in the year 1922 after gaining independence from the British rule. The current president of the country is Mr. Abdel Fattah el-Sisi. The major religion practiced in Egypt is Islam and Arabic is the official language of the country. Egypt is considered as a regional power in North Africa, the Middle East and the Muslim world. Egypt is also the founding member of the United Nations, the Non-Aligned Movement, the Arab League, etc. The current population of the country stands at 10,23,34,404.
Business Opportunities in Egypt
The Travel and Tourism industry is one of the major contributors of the economy of Egypt. The country has numerous attractions that are hugely popular across the world and one of them is also listed as one of the ‘Seven Wonders of the World’: The Pyramid of Giza. Apart from these iconic pyramids, there is the river Nile which is the longest river in the world. There are numerous attractions set on the banks of the world-famous river like Valley of the Kings and Karnak Temple in Luxor which also has the largest open-air museum in the world. Then there is the White Desert as well, which, as the name suggests, is a white sand desert which looks like a snow-laden piece of land. All of these tourist spots can attract quite a good amount of investment and business opportunities for other countries who want to invest in the country’s tourism sector. Egypt has the 6th largest proven oil reserves in Africa. Hence, the country is also rich in oil and is also a member of the Organisation of Arab Petroleum Exporting Countries. Hence, this country has good potential to generate investment opportunities for other countries.
Exports and Imports in Egypt
The exports of Egypt decreased from $2,327 million in the month of September 2020 to $2,203 million in the month of October 2020. On the other hand, the imports of the country increased from $5,033 million in the month of September 2020 to $5,117 million in the month of October 2020.
Top Exports of Egypt
The top exports of Egypt are natural gas, readymade garments, cotton textiles, medical and petrochemical products, citrus fruits, rice and dried onion, cement, steel and ceramics. The main export partners of the country are Italy, Spain, France, Saudi Arabia, India and Turkey.
Top Imports of Egypt
The top imports of Egypt are pharmaceutical products, wheat, maize, cars and spare parts and semi-finished iron. The main import partners of the country are Germany, Italy, China, Turkey, Saudi Arabia, Kuwait and Lebanon, the USA and India.