What are some solutions to improving industrialization in Egypt?
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The composition of Spanish sales is quite diversified and last year amounted to more than 1,400 million euros, which represented an increase of 3% compared to the previous period. Meanwhile, purchases are 64% higher than those registered in 2015, reaching a value of 813 million euros, thanks to the boost in our fuel demand.
Regarding investments, and according to data from the Secretary of State for Commerce, the accumulated gross investment flows of Spain in 2015 totaled 854 million euros and the accumulated net reached 672 million. This volume is below the potential and opportunities offered by this market, so it is foreseeable that the presence of our companies will increase in the medium term.
The entry into force of the Agreement to Avoid Double Taxation in 2006 has facilitated the activity of Spanish firms in Egypt, as has the Agreement for the Promotion and Reciprocal Protection of Investments, in force since 1994.
As highlighted by the Spanish economic and commercial counselor, Egypt has great growth potential and “precisely the areas that the country urgently needs to develop, such as energy, transport infrastructures, the environment or ICT, are some of the sectors in which our companies are more competitive ”.
A future with obstacles
The country faces challenges in the immediate future and their resolution will serve to prevent a financial collapse or a social explosion driven by poverty and existing unemployment.
TOURISM. Egypt is a unique destination, both from a historical and cultural perspective, as well as for sun and sand. These strengths served to achieve a record 14 million visitors in fiscal year 2009/2010.Economic and Commercial Office of the Embassy of Spain (Ofecomes) in Cairo especially highlights the creation of a registry of exporters and the shortage of foreign exchange.
Despite the fact that, after the Egyptian pound fluctuated freely, the Central Bank removed restrictions on conducting bank transfers in foreign currency (including the repatriation of dividends), the reality is that there is a waiting list for companies to carry out operations. with currencies that seriously hinder the import.
In addition, the Ministry of Commerce announced at the beginning of this month of June a new norm that increases to 500,000 Egyptian pounds - about 24,000 euros - the minimum capital required to operate as importers to small companies and raises this requirement to two million Egyptian pounds for limited liability companies.
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