Egypt Economic promises

Egypt Economic promises

A Hub between the Arab World, Africa, Asia and Europe, Egypt has all the cards in hand to become one of the world’s economic champions. With its diversified economy and dynamic demography, the country can and should rely on its dynamism built on the back of enthusiasm and creativity.

The Egyptian civilization occupies a special place in the history of humanity. Not only are we still fascinated by its pyramids and millennium temples, but contemporary Egypt remains a landmark. From the al-Azhar university (pillar of theological Muslim erudition) to its leading role in the region the 1970’s in opening up the economy to private investment; to the Tahir square events, its daily headlines often mingled with those of the rest of the world.

Whoever had the opportunity to walk through the streets of Cairo can testify to the unique energy that one feels in this city, with, a daily energy and creativity which can be explained by the youthful dynamism of the local demography. The medium age of the millions of Egyptians is 24!

Despite political and safety tensions in the past years, which strongly impacted foreign investments especially growth in 2014 and 2013, Egypt has a diversified economy with a well-developed agricultural sector (14% GDP), mining exploitations (40% of GDP) and services (46%).

If the country’s agricultural sector still relies on Nil Valley fertility as during the pharaoh’s time, the health of the tourism sector is driven by Egypt’s incredible touristic potential. A potential only marginally exploited for now due to the security situation…but which should explode in the coming years.

With one of the most educated middle class populations in the Arab world, Egypt does not only rely on its touristic advantages to ensure its economic take-off. Its strategic position, as a true hub between Africa, Asia and Middle- East gives it a central role to play.

Egypt’s geographic characteristics, especially its large ports opening on the Mediterranean Sea (Alexandria, Port Said) and the Red Sea (Suez, Sharm El-Sheikh) are incredible economic assets fortified by the major economic and geopolitical role of the Suez Canal (to which the Egyptian government would like to add a twin canal to handle a growing traffic).

In Sharm el-Sheikh where the Egypt Economic Development Conference that we are co-organizing is underway, I am impressed by the interest of world economic and political leaders, coming from all over the globe to consider Egypt’s potential and economic perspectives. It is the first time I witness such a strong mobilization and enthusiasm in my 25 years of experience advising countries and companies, and organizing international conferences.

The Egyptians definitely love their country and many are those, friends and partners, echoing that sentiment today. What remains to be seen for global investors and they eyes of the world however, will be the real commitments on the numerous investment projects currently been presented at the conference.
Source: Huff Post

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