How to do Business in Egypt
Driven by regulatory reforms that have made it easier to start and operate a business in the country, Egypt jumped 11 places in the World Economic Forum’s Global Competitiveness Report 2009/2010 as a result of the recent liberalization efforts in the country. Egypt is now 70th in the rankings, up from 81st in 2008/2009. The World Economic Forum attributed the improvement in Egypt’s ranking to the upgrading of its infrastructure across all categories and to positive developments related to labor market efficiency.
The costs of doing business in Egypt are significantly lower than in Eastern Europe and even lower than other emerging markets. This is partly owing to the fact that the Egyptian Pound (EGP) is relatively stable against the US Dollar, preserving cost competitiveness and encouraging foreign investment.
The government also created the General Authority for Investment and Free Zones (GAFI) which creates a customer-driven culture to quickly respond to investor needs and advocate pro-investment policies; it also brings together 32 governmental bodies in a one-stop-shop to simplify and expedite investor services and offers streamlined procedures to ensure that most companies can incorporate within 72 hours.
With the existence of a specialist body (ITIDA) dedicated to supporting outsourcing investors, it is now easier than ever before to do business in Egypt.