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Investment Sector &Snapshots for a Brighter Future gypt fora Investment Sector &Snapshots General Authority for Investment & Free Zones 1 for a Brighter Future Egypt Population: Net International Reserves (NIR) 85 million (Oct 2013). USD 15.5 million (June 2012). Capital: USD 14.9 million (June 2013). Cairo. USD 18.9 million (Aug 2013). Official Language: Foreign Direct Investment Arabic. USD 3 billion (2012/2013). Common Languages used: Unemployment English, French. 12.7% (2012) Currency: Exports Egyptian Pound (EGP). USD 26 billion (2012/2013). GDP Growth Rate: Imports 2.1% (2012/2013). USD 57.5 billion. GDP per Capita (USD): Exchange Rate (2012/2013) USD 3,426 (Oct-Dec 2012). USD = 6.45 EGP GDP in Current Prices: EUR = 1.29 USD USD 71.66 billion (Oct-Dec 2012). £.E. = 1.56 USD S&P raises Egypt sovereign credit rating to B- from CCC+ 1 GAFI Contents 1 Why Egypt? 5 1-1 A large, Trained, Competitively Priced Labor Force 5 1-2 Large Consumer Market 6 1-3 Developed Infrastructure 6 1-4 Competitive Tax and Custom Rates 6 1-5 Population 6 1-6 Political System 7 2 Economic Development 9 2-1 Economic Road Map 9 2-2 Proposed Plan to Encourage Investment 10 2-3 Investment Map 11 3 Investment Regime 13 3-1 Inland Investment 13 3-2 Egyptian Free Zones 14 3-3 Investment Zones 17 3-4 Special Economic Zones 19 3-5 One Stop Shop 20 2 for a Brighter Future 4 Key Investment Regulations 23 4-1 Investment Laws Incentives and Exemptions 23 4-2 Mechanisms of Reconciliation and Arbitration with Investors 26 4-3 Key Investment-Supportive Laws 26 5 Sector Snapshots 29 5-1 Agribusiness 29 5-2 Tourism 35 5-3 Textiles 40 5-4 Petrochemicals 45 5-5 Real Estate 50 5-6 Building Materials 55 5-7 Logistics and Transportation 60 5-8 Communication and Information Technology 66 5-9 Retail 70 5-10 Automotive 74 5-11 Healthcare 79 3 for a Brighter Future 1 Why Egypt? 1-1 A Large, Trained, Competitively Priced Labor - Each year, around 300,000 Egyptians obtain university Force degrees, of whom 20,000 are trained engineers and 15,000 have degrees in science and technology. In ad- - At about 27 million, Egypt’s labor pool is the largest in dition, about 22,500 graduate with foreign language the region. For decades, Egypt has had a reputation as skills. a net regional exporter of educated, skilled labor. How- ever, as domestic demand for skilled labor rises, young - Skills-intensive and service-based sectors such as ICT, people are increasingly choosing to pursue opportuni- financial services and tourism are among Egypt’s eco- ties at home. Complementing world-class universities nomic leaders. Wages in these sectors are very com- and technical schools, a new national industrial training petitive and more stable than wage levels in other program is training workers to fill some 500,000 new countries. jobs in manufacturing. 5 GAFI 1-2 Large consumer market band is readily available in urban areas. The country’s 15 commercial ports serve the nation’s exporters and import- - Egypt has emerged as a consumer market of significant ers alike, while an expanding, upgrading airport network importance in the region, as witnessed by the arrival of caters to both passengers and cargo traffic, Egypt’s Air dozens of global brands and the sharp expansion of re- Cargo Airport currently has three cargo terminals, deal- tail sales in the past few years. This is partly due to the ing with textiles, vegetables and many industrial prod- sheer size of Egypt’s population that puts it as the most ucts. The country has also a well-established network of populated country in Africa and the Middle East, as well railways and roads. as the fact that 50% of Egyptians are between the age 15 and 44 has also impacted spending and investment Egypt also provides competitively price and reliable sup- trends. plies of power, water and gas. Egypt possesses an abun- dance in natural resources that can easily meet the needs - Egypt has access to large key markets through vari- of agricultural, industrial and mining activities. ous multilateral and bilateral trade agreements with the USA, European, Middle Eastern and African countries; 1-4 Competitive Tax and Custom Rates which secure benefits to Egyptian-based producers Tax Systems supplying these markets. As part of the government`s ongoing efforts to improve - Key global markets in Europe, the Middle East, Africa Egypt to become the most attractive investment destina- and the Indian Subcontinent are all readily accessible tion in the MENA region, it modified the Tax Law, which from Egypt. Closer to the European and North Ameri- reduced corporate tax rates from 42% to 25%; personal can markets than other major exporters including India, tax from 32% to 25%; and sales tax/value added tax China and the Philippines, Egypt is also located on key 10%; and 40.55% tax on companies operating in the ex- international logistics routes. ploration and production of oil and gas. - Egypt enjoys the existence of the Suez Canal, which Customs Systems is considered to be the shortest link between the east and the west due to its unique geographic location. Ap- Within its efforts to improve Egypt’s position as a global proximately 8% of the world’s maritime shipping passes manufacturing hub, tariffs range from 0 to 30% according through the Suez Canal each year. to the degree of processing and 0 to 10% on machinery and equipment used in manufacturing. 1-3 Developed Infrastructure 1-5 Population Egypt boasts a world class infrastructure base. Three in- dependent mobile (cellular) phone networks cover nearly Since ancient times, Egypt has been carrying census for 100% of the country’s inhabited land. Wire line broad- its population. The first census was carried out in 1882. 6 for a Brighter Future 1 The population was estimated at 6.7 million citizens. Egyptian Population by Age Group The government carries out a census every decade. The 6% last one was held in 2006 by the Central Agency for Public 13% From 15 to 44 10% Mobilization and Statistics (CAPMAS) and concluded that From 45 to 59 the population in Egypt had reached 76,500,000. Above 60 21% From 1 to 4 Egypt is one of the highest population densities and From 5 to 14 50% ranked 15 internationally and third in Africa. Source: CAPMAS 1-6 Political System The Arab Republic of Egypt is an independent united sovereign country and does not accept division. It adopts a democratic system. Sovereignty is for the people; they practice and protect it and safeguard their national unity. The people are the source of authority. Egypt adopts a republican presidential system where the Egyptian president is the actual head of state and head of executive authority. He rules by virtue of the constitu- tion and law in the presence of the legislative and judicial authorities. At 1st October 2013, Egypt’s population reached 85 mil- The political regime is based on principles of democracy lion according to the daily population counter as an- and citizenship which renders all citizens equal in terms nounced by the Central Agency for Public Mobilization and of rights and duties. The regime is also based on a multi- Statistics (CAPMAS). party system, peaceful rotation of authority, separation of Meanwhile the estimated number of Egyptian exports is authorities and balance among them, the rule of law and 8 million according to figures released by the Ministry of respect of human rights and freedoms. Foreign Affairs. It is not permissible for a political party to be established The capital Cairo has the highest population density on the basis of discrimination between citizens because of where 10.7% of the population resides followed by Giza gender, ethnicity or religion. The political systems works where 8.6% of the total population resides. to safeguard the national security, defense of the home- land and protection of Egypt’s land and views it as an honor and sacred duty. 7 for a Brighter Future 2 Economic Development Successive Egyptian governments have been convinced 2-1 Economic Road Map that they should be committed to achieving economic The most important features of the Economic Road development through reform and economic liberalization. Map are: Therefore, the Egyptian governments adopted a series of reforms covering a range of sectors, such as finan- - Established time frame work for both urgent and long- cial, stock market, trade, exchange rate, and economic term projects in order take advantage of them now and growth, as well as the business environment and invest- in the future (with coming governments). ment climate in general. - Providing stimulus investment package in order to hit a 3.5% development rate by the end of 2013/2014. 9 GAFI - Raising investment rates at this phase, depending on 2-2 Proposed plan to encourage investment the government investments, especially in labor-inten- - An integrated plan to support, encourage and attract sive projects, and the completion of projects that were Arab and foreign investments is underway based on the launched earlier and then stopped. removal of barriers and obstacles to foreign investors - Enacting legislation contributing to attracting foreign and opening up new areas for investment in nation- investment; resuming reconciliation with businessmen; wide, especially in infrastructure projects. introducing amendments to rules, regulations and in- - Offering more investment opportunities and projects in vestment environment; and encouraging financial insti- various economic sectors. tutions to take risk and finance. - Organizing promotional visits for foreign delegations to - Achieving social justice through a variety of service update them on the advantages of investment in Egypt.
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