Business opportunities in Egypt
Egypt offers great possibilities for businesses that want to grow alongside the country's mature and developing economy. It is the third largest economy in the region after Israel and Saudi Arabia. It is one of the few economies in the world after China to continue to expand during the COVID-19 pandemic.
The country is one of the largest recipients of FDI (Foreign Direct Investment). Egypt is attracted to Egypt by its huge domestic market, strong GDP growth, favorable geographical location, and large and well-educated labor pool.
Benefits of starting a business in Egypt
Setting up a company in Egypt offers many advantages to business owners:
The Investment Law also governs Egypt's free zones. In order to take advantage of Egypt's strategic geographical location and attract foreign investors, the state has been building and marketing free zones for almost three decades. Most products and supplies imported for free zone projects are exempt from import taxes and other customs requirements, which is beneficial to companies. In addition, there are no export taxes or restrictions on products and materials exported from Egypt's Free Zones**.
Egypt has shown a strong work ethic. The staff there is one of the most skilled on the continent. It also has a relatively advanced infrastructure to support it. This is perfect for your Egypt business.
The country has a reliable market. It is home to 39 commercial banks, several financial institutions, law firms, specialized local and global management consulting firms, and various chambers of commerce that target specific industries or bilateral relations with overseas countries. Various** organizations such as CAPMAS and ECES provide reliable data on the Egyptian market. Businesses can benefit from a wide range of commercial space and free** zones, as well as exemptions from customs duties, payroll taxes, and many other fees.
By vigorously promoting economic liberalization, Egypt is increasing the country's attractiveness as an investment location. In order to improve Egypt's competitiveness on the global stage, Egypt launched a system adjustment program in 2016. The following year, a new investment law was passed to lower the barriers to entry for foreign businesses and speed up the start-up process. Now, overseas investors and Egyptian citizens are reasonably represented in the legislation. Expats are free to transfer profits overseas, and the law adds two new protections to increase investor trust.