Egypt

Egypt is situated predominantly in North Africa, where the Sinai Peninsula forms a land bridge in Southwest Asia, making the country transcontinental. Egypt is a major power not only in Africa, but also in the the Mediterranean region and the Islamic world.

The tourist appeal of Egypt is only one of the factors which contribute for the country’s economic development. Agriculture, industry and the service sector contribute equally to GDP growth. The market-oriented economy has lead to liberalization of the stock market and promotion of the private sector, which is very important to the economy of Egypt and contributes 70% of the GDP.

From the perspective of international economic relations, Egypt has made important progress, as the emphasis shifts more and more towards trade liberalization. For that purpose, the state signs agreements and contracts to facilitate implementation of international trade and development of the world economy.  Attractive factors such as strong infrastructure development, low energy prices, security of the banking system as well as political, economic and legal stability make Egypt a preferable country for investment.

Tips for Doing Business in Egypt

• Age and business experience are favored by Egyptian businessmen, as status and rank are very important in the structure of companies there. Perhaps, you should consider including older and more experienced people on teams that will visit Egypt.
• Business contacts are extremely important to your success in Egypt. Businessmen in Egypt prefer to work with those they know and trust. It might be beneficial to find an Egyptian representative, who can assist you with the whole process and act as an intermediary.
• At your first meeting, it is advisable that you wait for your Egyptian partner to initiate the greeting. There are several greeting styles in Egypt, hand shaking being the most common in business. It is traditional for drinks to be served and general conversations to be held in the beginning of meetings.
• Make eye contact when meeting and talking with your Egyptian partners. It is a sign of honesty and trust.
• Show interest when you are handed a business card. Carefully examining the information on it will be seen as a polite gesture.
• Do not be hostile or use pressure tactics when negotiating in Egypt. These methods will be ineffective and will probably work against you. Business meetings will be slow and you should be patient. Outline and pay special attention to trust, mutual benefit and profitability when negotiating.
• Arrange business meetings a few weeks in advance and always confirm them before departing for Egypt. Things change quickly, so you should make sure nothing has been forgotten or misunderstood.

Cost of Living

The following table compares the costs of some basic products in Cairo, Egypt and Sofia, Bulgaria.

Official Holidays in Egypt