Last month, I had the privilege of attending the ‘Egypt Business Connect’ event, a collaborative effort between the Singapore Business Federation (SBF) and HSBC Egypt. Set against the backdrop of the ongoing Africa-Singapore summit, the event echoed the myriad of business opportunities and growth trajectories that Egypt presents. I wanted to share my learnings and insights for those considering the Egyptian market.
1. Egypt’s Vision 2030 Roadmap:
Egypt is no longer just about ancient pyramids and the Nile; it’s about the future. The nation’s Vision 2030 roadmap paints an ambitious picture. A national plan outlining robust growth and development goals, it shows a country ready to embrace the future.
2. GAFI’s Central Role:
The General Authority for Investment & Free Zones (GAFI) stands out as a beacon for businesses wishing to explore Egypt. Acting as the investment promotion authority, GAFI offers crucial guidance, ensuring businesses can find their footing in the Egyptian landscape.
3. The Promise of Human Capital:
One of Egypt’s standout assets is its youth. With an educated and multilingual generation fluent in an array of languages including French, English, Spanish, Mandarin, and German, the country is primed to be a hub for fintech and other tech-driven sectors.
4. Regulatory Revamps:
Change is afoot in Egypt. The nation is gearing up with proactive measures, streamlining business procedures, setting up investment centers, and making room for Foreign Direct Investments with projections shooting past the 20m USD mark.
5. Bolstering Logistics:
The Supreme Council for Logistics has taken the reins, steering the ship of port management, electro train operations, and logistic hubs. The goal? Streamlined operations and enhanced partnerships through PPPs and JV arrangements.
6. Infrastructure: Flying High:
News of a collaboration with Changi to revamp Egypt’s airport facilities hints at a nation on the move. Egypt seems focused on ensuring that their infrastructure matches their ambition.
7. Investment Guidance:
For those keen on the Egyptian market, GAFI emerges as the go-to partner. With local alliances proving beneficial, avenues like Afreximbank, a significant pillar of AfDB headquartered in Cairo, are ensuring exporters have the financial wind beneath their wings.
8. Navigating Risks:
While Egypt has a significant informal sector, it buzzes with vibrancy. There are risks, but understanding and managing them could pave the way for substantial rewards.
9. Infrastructure: Building Trust:
Maintenance isn’t just about fixing what’s broken. In Egypt, infrastructure maintenance is a sign of reliability, bolstering investor confidence and setting the stage for growth.
In conclusion, my time at the ‘Egypt Business Connect’ event was not only insightful but also promising. Egypt is opening its doors wide for investors, businesses, and collaborations. With its rich history as the backdrop, the country’s future looks gleaming with opportunities.