Exploring Egypt and its Economy

Egypt has a population of about 82,079,636 and its land area is around 386,660 square kilometers. It is located in the North East Africa and shares borders with Palestine (Gaza strip), Israel, Libya and Sudan. As Egypt’s land area comprises of desert as well, so its climate is hot and dry and severe in the summers whereas winters are comparatively less harsh.

Capital and currency:

Cairo is the capital of Egypt. The currency of Egypt is called Egyptian called.

Ethnicities and religions followed:

99% of the population constitutes of Egyptians, Bedouins, and Berbers whereas the other 1% are Europeans mainly Greeks, Armenians, Italians and French people. The population is mostly Muslim with a 6% of Coptic Christians and people belonging to other religions.

Language:

Arabic is the official language of Egypt.

cairo-egyptA brief synopsis of Egypt’s economy:

Tourism is the backbone for the economy of Egypt. It earns a huge amount of its foreign exchange by Tourism but after the political unrest and instability that started in 2011, the tourism of Egypt has suffered. After some investment and business legislation have been reviewed and altered in 2000, Egypt has become a good place for foreign investors. It produces 6.87 million barrels of oil per day. Its main industries are textile industry, food processing, tourism industry, chemicals and pharmaceuticals, construction materials like cement and different metals etc. Its GDP is $548 billion and GDP growth rate is 2.2 %. Its main exports are Crude oil and Petroleum products, metal and cement, textile and cotton and agricultural goods along with chemicals. Its important international companies are Abu Qir Fertilizers, General Motors for Egypt which is an automobile company, oil companies like Egyptian Gas Company and telecommunication companies like Etisalat Egypt.

People and Egyptian society:

The Egyptian society is a close-knit society where the family is very close and even distant relatives are given importance. Women and elders are revered and honor and respect are two things on which every relationship and friendship is based. If a person does anything to jeopardize his or her honor, he jeopardizes the honor of the whole family. To give one’s word is to give one’s honor and it is extremely unacceptable to go back on your word.  The people are loving and are trustworthy and honest in their dealings.

Business etiquettes and rules:

  • Business should be conducted after you personally introduce yourself and create a rapport. Egyptians feel comfortable in dealing with people who they can trust to do business with and they take their time to judge someone and then conduct business with him or her.
  • A cordial handshake and interest in the other person’s affairs can speak for your sincerity for the other person and can be helpful.
  • Gifts would be appreciated but shouldn’t be expensive. Egyptians do not like the feeling that someone is trying to buy their trust and friendship.
  • Appointments should be made and punctuality shouldn’t be expected from the other side.
  • Business cards need not be given with a formal ritual.
  • Meetings shouldn’t be expected to be conducted very formally.
  • Do not be very assertive while making your point and do not make your Egyptian counterpart feel that his view has not been given importance or his due respect.
  • Always try to be calm and never rush things.
  • Give the other an opportunity to trust you before he comes to a decision, do not rush him to make a deal. This could offend the other person, as in the Arab world people like to take their time and decide about things.

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