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Doing Business in (Insert Country Name Here) Doing Business in Egypt: 2014 Country Commercial Guide for U.S. Companies INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2010. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. Chapter 1: Doing Business In Egypt Chapter 2: Political and Economic Environment Chapter 3: Selling U.S. Products and Services Chapter 4: Leading Sectors for U.S. Export and Investment Chapter 5: Trade Regulations, Customs and Standards Chapter 6: Investment Climate Chapter 7: Trade and Project Financing Chapter 8: Business Travel Chapter 9: Contacts, Market Research and Trade Events Chapter 10: Guide to Our Services Return to table of contents Chapter 1: Doing Business In Egypt Market Overview Market Challenges Market Opportunities Market Entry Strategy Market Overview Return to top Egypt is an important strategic partner and the United States continues to engage with Egypt on our mutually shared interests including strong commercial ties. With a population of over 85 million and a GDP of USD 271 billion there are solid opportunities for U.S. firms in the medium-to-long term. Egypt’s strategic location offers companies a platform for their commercial activities into the Middle East and Africa. In 2013, U.S. – Egypt bilateral trade dropped to USD 6.8 billion from USD 8.5 billion in 2012 representing a decrease in exports from Egypt. The U.S. exported USD 5.2 billion in goods and services to Egypt in 2013; including USD 1.68 billion in food and agriculture exports. Egypt is the third largest export market for U.S. products and services in the Middle East and the 48th largest export market in the world. U.S. Foreign Direct Investment (stock) in Egypt reached USD 17.1 billion in 2012 (latest figures available). The U.S. is Egypt’s largest trading partner and the second largest foreign investor after the U.K. Egypt’s GDP grew approximately 2.1 percent in 2013 and foreign reserves grew to USD 17 billion in January 2014 from 13.6 billion in January 2013 with an injection from Gulf donors. Egypt’s credit rating increased to B-/B in November 2013. Following a military-led change of government in July 2013, Egypt continued to struggle with slow economic growth and political instability. Since then, Egyptians voted to approve a new constitution in January 2014, and presidential elections were held in May 2014. The new president of Egypt, Abdel Fattah al-Sisi, was sworn in on June 8, 2014. Delays in government decision making and foreign currency availability continue to create challenges for foreign traders and investors. Market Challenges Return to top Subsidy reform is the most urgent requirement; the GOE spends over USD 20 billion per year on subsidies, or nearly one-third of its annual budget. Despite the short-term stabilization of Egypt’s foreign reserves, the Central Bank’s currency auction system and currency controls continue to restrict access to foreign currency. The oil and gas sector presents opportunities and most major companies have investment plans on the shelf ready to launch when the market is permissive, however government arrearages to international oil companies and market-distorting subsidies have fostered under-investment and over-consumption. Egypt is a signatory to international arbitration agreements; however Egyptian courts do not always recognize foreign judgments. Resolution of any dispute is very slow, with the time to adjudicate a case to completion averaging three to five years. Other obstacles to trade and investment include excessive bureaucracy, a shortage of skilled labor, limited access to credit, slow and cumbersome customs procedures, intellectual property issues and non-tariff trade barriers. Market Opportunities Return to top Egypt’s economy is diverse, with agriculture, manufacturing, energy, and services constituting the bulk of output. Agriculture accounts for 40 percent of employment and 20 percent of GDP. Egypt relies heavily on imported wheat, corn and soybeans of which the U.S. is a supplier. The Egyptian government is keen on expanding the healthcare industry, especially relating to medical devices, and plans for the development of 26 new hospitals in 2014. Nevertheless, challenges include the registration process and IPR protection. ICT is one of the most active sectors of the Egyptian economy. Business opportunities include data centers and cloud computing farms, mobile broadband infrastructure, modern methods for data storage and management, cyber security, mobile health services, and education services. Once a new government is formed, we anticipate government tenders to be released for infrastructure improvement. The U.S. Department of State’s Business Information Database System website lists current foreign government tenders. Other significant sectors of interest to U.S. companies include: construction, architectural and engineering services, water and waste water, renewable energy, electric power generation, franchising and safety and security equipment. Market Entry Strategy Return to top U.S. small and medium-sized companies should find an Egyptian firm to represent them in the local market. The U.S. Embassy has services to U.S. companies with Egyptian firms. The U.S. Embassy sends many Egyptian buyer delegations to designated International Buyer Program shows in the U.S. Trade missions and regional trade shows provide other opportunities to meet Egyptian buyers. Three U.S. Department of Commerce trade missions are scheduled to Egypt in 2014/15: Infrastructure (December 2014); Safety and Security (March 2015) and Healthcare (May 2015). See www.export.gov/egypt for the latest events. U.S companies opening new relationships with Egyptian importers should be familiar with U.S. government resources available to their customers, like the U.S. Export Import Bank. Return to table of contents Return to table of contents Chapter 2: Political and Economic Environment For background information on the political and economic environment of the country, please click on the link below to the U.S. Department of State Background Notes. http://www.state.gov/r/pa/ei/bgn/5309.htm Return to table of contents Return to table of contents Chapter 3: Selling U.S. Products and Services Using an Agent or Distributor Establishing an Office Franchising Direct Marketing Joint Ventures/Licensing Selling to the Government Distribution and Sales Channels Selling Factors/Techniques Electronic Commerce Trade Promotion and Advertising Pricing Sales Service/Customer Support Protecting Your Intellectual Property Due Diligence Local Professional Services Web Resources Using an Agent or Distributor Return to top It is highly recommended that U.S. companies enter the Egyptian market via a well- placed agent or distributor, particularly if working with government agencies. Established agents and distributors offer in-depth knowledge of local laws and regulations and they can offer key introductions in a society that is relationship-based. Agents can coordinate transactions with the Egyptian buyer, including after-sales service, and are committed to finalizing the transaction to their client’s satisfaction. Additionally, agents and distributors perform a public relations role, exposing the U.S. company’s brand, product, or services to a wide network of contacts within Egypt. It is also advisable to take a long-term approach to the Egyptian market rather than seeking immediate return. Egyptian law concerning commercial agency agreements is among the most liberal in the Middle East. The law, which is neutral concerning exclusivity and compensation, does not require you to cancel an agency agreement once you enter into one, and there is no minimum notification period for cancellation. There is no requirement that the agent authorizes the import of the foreign principal's products into Egypt or that the importation takes place through the agent. Importers of any product must be separately registered. Commercial agents must register the existence of their agency with the Ministry of Trade, Industry, and Investment’s Commercial Registry Department, giving basic facts about the agreement, including the amount of commission received on sales. The foreign firm itself faces no local registration requirement. The commercial agency law is also neutral concerning dispute settlement procedures, leaving this to the parties to decide, preferably in writing, at the time of appointment of the agent. Commission rates vary according to the type of product or service, volume of sales, and level of involvement of the agent. The larger the volume of sales is, the smaller the commission. For commodities such as rice, wheat, sugar, lumber or cotton, the commission ranges between 1-3 percent; for chemicals and food 3-5 percent; for medical, earthmoving, and office equipment about 10 percent; and for expensive laboratory and scientific equipment 15 percent. For major projects such as a major civil engineering project, the commission is typically 3-5 percent. In tenders, the commission is calculated in the quoted bid. If a bidder reduces the bid price, the agent typically is asked to share in the reduction. Commission rates must be reported in bid packages for government tenders, with the government reserving the right to reduce any commission it deems extravagant. Commission rates also must be noted in the Ministry of Trade, Industry, and Investment’s Commercial Registry documents signed by the Egyptian agent. Agent exclusivity is not required by law; the majority of U.S. firms have one or two Egyptian agents for different products, although a few have more. Agencies can be split geographically and/or by product, although this is generally avoided in a country like Egypt where activity is centralized around the capital city of Cairo. If there is a geographic split, it is generally Alexandria with or without the Delta cities on one hand, and Cairo and the Nile Valley on the other. Agencies also can be split between private and public customers, with one agent specializing in tenders and others handling private sector customers. Agents often appoint subagents to cover smaller cities.
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