Guide to a Perfect trip in Egypt!
Egypt, the African country, which has been a witness of many ups and downs economically in recent few years, and where things looked quiet shaky at one time, now seem to be coming back on track. Most experts believe that the future of Egypt now looks good and fruitful. Investing in Egypt can be a wise decision at this point of time, where Egypt seems to veil a lot of potential, which is said due to the largest consumer market the country has. Also, the location of Egypt is very favorable and the Egyptian economy is anticipated to grow in the near future as well.
Egyptian oil, gas and petrochemical industries seem to be the most potential investment opportunities in Egypt. Few areas where one can think of making an investment now are
Reasons to invest in Egypt
Egypt has been successful in appealing to foreign investors and in creating prolific partnerships with the many international oil and gas companies. The support of Egyptian government has been a driving force behind these successful partnerships and has helped the country in emerging as a favored location for investment. The many reasons which make investing in Egypt a wise decision now are
Flourishing petroleum sector
The evolving technology and use of advanced equipments has helped Egypt in exploring all sectors of hydrocarbon industries. The exploration of new deep water exploration and development by experts helped in locating new oil and gas reserves here. The new techniques and geological concepts have helped in adding many new reserves of oil and gas in the country and in thus enhancing the investment opportunities in this field.
Efficiency of EGPC, the state energy company
Egyptian General Petroleum Corporation, EGPC, formed in 1962, has emerged as a major operator for foreign companies interested in joint ventures. EGPC, as the pioneer in this sector is active in upstream, downstream and petrochemical industries. This is the sole decision maker for import and export of petroleum products and crude oil in the country. EGPC thus seems to be an industry-controller where foreign investments are maintained via joint collaborations between EGPC that are fully supported by the government.
Geographical location of Egypt
Egypt is situated on cross roads of three continents namely Asia, Africa and Europe, making it well-connected with all these. Due to its close ties with Europe; Egypt is an entrée to east-west trade opportunities and an ideal place to invest in downstream and upstream sectors. The control of Sinai peninsula is worth-mentioning, which has great hope linked with the petroleum industry.
Economic and political stability
Installation of parliament in 2004 made Egypt a fruitful place to invest. The reduction of taxes and tariffs, enhanced transparency for national budget, privatization of public enterprises and implemented legislation designed for betterment of private sector has helped in adding to the competitiveness of Egypt. The new phase of political and democratic development aims at a better democratic practice and stability and moderation has been bolstered in the region. Its strong alliance with U.S. for military and strategic partner has helped Egypt in enjoying political stability even at the tensioned region.
Egypt’s implementation of new public infrastructure strategies of investment has helped in development of many new projects. The construction of more than 100 new hospitals, 300 new schools and more such places have helped in making Egypt a country having great investment opportunities. Egypt is a home to the largest wind farm on globe and second richest nation in natural gas.
Institutional and legal reforms that have help in enhancing the investment opportunities in Egypt are
Infrastructure and Services
Collaboration and work with international partners and MNC’s has helped in modernizing the economy of Egypt and expanding investment opportunities for all citizens. The portfolio of World Bank with projects worth $4.1 billion is largest here in North Africa and Middle East. Egypt’s potential of emerging as a powerful economy are strong and World Bank Group commits to support the country’s priorities to decrease poverty and acquire shared prosperity.
In all, making investments in Egypt is great to ensure substantial growth with increased chances. Sound reforms, public initiatives and an educated and healthy labor force, plenty of natural resources and more such factors have helped in Egypt becoming a prime destination for global companies and investments.
Thus, investment opportunities in Egypt are many, and it’s the best time for MNC’s, foreign investors and big corporations to take this decision right now.