Business in Egypt
The Egyptian economy has established a good track record in terms of macroeconomic stability over the past fifteen years. In contrast, growth performance was less even, averaging some 3.2 percent between 2000/2001 and 2002/2003, the lowest growth rate in more than a decade. The slowdown was due to a series of external economic shocks at the beginning of the millennium: the fallout of September 11, oil price shocks, the bursting of the equity price bubble, the abrupt slowdown of world trade in 2001, and regional conflict. Economic activity recently witnessed a turnaround however, accelerating to 4.3 percent in real terms in 2003/2004 and to 5 percent in 2004/2005. Economic growth is expected to maintain a faster pace during the course of 2005/2006, in response to bold trade and tax reforms.
The Government of Egypt (GOE) is undertaking a series of versatile amendments towards reforming and improving business and investment climate in Egypt. The government strategy is strongly committed to streamlining investment procedures, dismantling bureaucratic obstacles, and liberalizing business. Towards the realization of its goal, the GOE undertook a series of reforms regarding its policies as well as its institutional frameworks to pave the way for an improved investment climate and a more developed business environment in Egypt.
Regulations for the Registration of Medicine in Egypt
1. The company would choose an agent in Egypt to be responsible for the registration and pricing process of the medicines exported to Egypt.
2. After finishing the process of registration and pricing, which almost takes one year, the company would be granted the registration record of these medicines for 10 years.
3. The Egyptian agent would import afterwards the medicines due to the agent’s importing plan which should be accepted by the concerned committee in the Ministry of Health and Population.
Sectors in Egypt
New set of government policies, investment laws, and guarantees have been introduced with the purpose of fortifying and revitalizing the investment environment in Egypt. On one hand, Egypt’s proximity to international markets and the rapidly growing demand for certain industries, locally as well as worldwide, play a vital role in encouraging exports and improving productivity. On the other hand, new investment laws and government regulations have recently eased international trade barriers and allowed for more competition through bringing foreign investment flows into Egypt, as well as increasing competitiveness of Egyptian businesses to meet international standards and compete in the global markets. As a result of international trade agreements, Egypt enjoys a wide range of market access to North America, China, Europe, North Africa and the Middle East, with its central location bridging the three continents, Europe, Asia, and Africa.
People and Progress
A large, young, educated workforce:
A young, trainable workforce of 21 million is available to employers at a highly competitive cost. 58% of the Egyptian population is under the age of 25 and 41 % is between the ages of 15 and 39. Egypt has 16 universities, both local and international, and a large number of specialized technical institutions providing employers with a large base of graduates, post-graduates, and technicians forming a diverse and well-qualified workforce.
A developed infrastructure and abundant raw materials:
- Competitively priced and reliable supplies of power, water and gas (with proven gas reserves of 66 TCF)
- Large reserves of accessible raw materials
- Excellent market access through major airports and port facilities on the Mediterranean and the Red Sea
- Large investments in the CIT sector resulting in a dramatic expansion of fixed, wireless and Internet services provided by Telecom Egypt, two mobile operators and more than 214 ISPs
- Diversified industrial sectors supported by well-developed business services capable of meeting investors' requirements, including freight forwarders, shipping companies, insurers, banks, leasing companies, financial services firms and international law, accounting, consulting and advertising firms
Quality of Life:
- A hospitable, safe and comfortable environment with excellent housing at a competitive price
- Modern health care institutions and quality educational institutions including British, American, German, French and Canadian schools and universities
- A pleasant, warm climate allowing year-round outdoor recreational and leisure activities. Magnificent beaches on the Mediterranean and the Red Sea
- An incomparable historical and cultural heritage with one third of the world's monuments, offering residents a source of rich cultural experiences