Competitive Advantages of the Egyptian Economy
Wednesday، 17 April 2013 - 12:00 AM
The competitive advantages of Egypt's economy are represented in the following:
- Skilled labor the services sector particularly in the fields of information technology and communications, and in banking and tourism facilities. Egyptian labor is also cheap compared to that of other countries.
- The growing population together with increased per capita income has turned the country into a major consumer market. This in turn has led to an increase in retail market sales and in the number of multinational corporations operating in Egypt.
- The advantages covering corporate and per capita income taxes have reached 20%. In addition, the performance of Egyptian Tax Authority units has also improved.
- Egypt has concluded agreements with several economic groupings, the most prominent of which are:
• The European Union (the Egyptian-EU Partnership Agreement); The US (QIZ Agreement);
• The Middle East (the Arab Free Trade Agreement); and
• Africa (COMESA).
- Egypt's geographic location at the center of the world has placed it within reach of international markets in European, Arab, African and south Asian countries.
- Egypt's economy is one of the most diversified in the region, with the industry sector representing 32% of GDP; the services sector 54% and the agriculture sector 14%.
- Egypt is the first Arab and African country to be invited by the Organization for Economic Cooperation and Development to sign the Declaration on International Investment and Multinational Enterprises. Meanwhile, foreign direct investments multiplied 12 times in the period from 2001 to 2006 and continued to rise until the end of 2010.