Transcript Egypt - unece

The Mediterranean
From Barcelona Back to Barcelona
Funding from EMP to ENP to UfM
Dr. Alaa Ezz
Secretary General
CEEBA & FEDCOC
The Tsunami of Funding
albeit the Economic Crisis
The Instruments
UfM 1 (2008 – ????)
•???????
ENPi (2007 – 2013) for 9 countries
•EC Grants of € 12 billion
•EIB loans of € 8.7 billion and
•EIB risk Guarantee of € 1 billion
•Neighborhood Investment Fund of €700 +
contributions from MS
•Governance Facility of €300 million
•Neighborhood programmes & accession instruments
•NIF Leveraging loan resources from European
Development Banks (x 4-5 times)
•CBC (including ERDF) € 173 +26.4 million
•Spring Fund € 300 million
Meda 2 (2000 – 2006) for 10 countries
•EC Grants of € 5.5 billion
•EIB loans of € 6.4 billion and
•EIB risk Guarantee of € 1 billion
Meda 1 (1995 – 2000) for 12 countries
•EC Grants of € 4.6 billion
•EIB loans of € 3.4 billion
Origins of ENPI
Regulation 1638/2006 of 24 Oct, 2006
EC External assistance: Responding to the call for
simplification …
From 2007
Policy driven instruments:
► Instrument for Pre-Accession Assistance
(IPA)
Before 2007
► European Neighborhood and Partnership
More than
Instrument (ENPI)
30
► Development Cooperation Instrument
instrument
(DCI)
s for
► Economic Cooperation Instrument (ECI)
delivering
► Instrument for Nuclear Safety Cooperation
external
(INSC)
relations
► Human Rights Instrument
assistance
Crisis response instruments:
► Humanitarian Aid Instrument
► Macro-financial Assistance
► Instrument for Stability
ENPI EC financial support
MEDA has most of ENPi
Previous funding
(2000-2006)
Present funding
(2007-2013)
► Commission
proposal:
EC budget:
nearly €15bn
►Total: €8.3bn
►End
►MEDA €5.5bn
►TACIS € 2.3bn result: nearly €
12 bn,
► Thematic
Programmes 45% increase
in
€ 0.5
nominal terms
and
32% in
real terms
► 11.2
Plus € 300 million SPRING FUND
M€ ENPI & 0.8
EU financial Support
Same for EIB lending
EIB lending (2007-2013):
► Overall figures for the new mandate includes very
substantial increase for 2007-2013. Ceiling for external
lending mandate for ENPI is € 12.4 bn. (Mediterranean: €
8.7 bn / East: € 3.7 bn)
► Closer cooperation with International Financial Institutions
(such as EU member states and the G8) is foreseen.
Now the EBRD is in SEmed Countries
With an initial € 1 billion
EIB funding is more for Private Sector
EIB funding is for SMEs
ENPI
And at Last a Regional Element
Country and multi-country
programmes
Minimum 95.0%
(over € 10.6 bn)
Regional & Cross-border
cooperation programmes
Up to 5.0%
(almost € 550 million) /enhanced by
another 0,5 Bln € from ERDF funding/
The ENPI Main features
Partnership not Aid
Strategy
Papers
Multi-annual
Indicative
Programmes
Action
Programmes
►annual
► Analysis of the
situation
► Response strategy
►Priority sectors
► 7 years
► revised at mid-term
►normally attached
to Strategy Papers
► set global and per
priority
allocations
► cover 3 – 4
years
► describe projects
identified for
financing
► define the
budget per
project
►lead to EC
decision &
commitments
of funds
ENP New Instruments
Technical Assistance
Bilateral& Regional
Novel Inter-EU
Instruments
Taiex, Tempus,
FP7, Erasmus
Investment
co-Financing
Budget/sector
support
Twinning
Regional Projects for Business
– TRANSPORT: Motor Ways of The Sea; Galileo;
SafeMed
– TRADE & INVESTMENT: InMed Invest; Aghadir;
Euromed Quality; EuroMed MARKET; EIB FEMIP; FEMISE;
MedADR; MedSTAT II; EU Medis;
– ENERGY:
WAMGM
MedEnec
II;
MedEMIP;
RCREEE;
– R&D & TRAINING: Med Ibtekar; TEMPUS III;
MedaETE
– ENVIRONMENT: Horizon 2020; Meda Water;
SMAP III
But what is in it for business ?
Besides EIB & EBRD Funding
BUSINESS
Direct Benefit
Indirect Benefit
Access to TA
Institution
building
Access to Finance
Reform of
Public Admin.
Tendering
Services
Supplies
Works
Business
Information
Business Opportunities
Reform of
Financ. Sector
Business Environment
TENDERING
All bilateral
All Regional
Services
(TA)
All ENP Bilateral
All bilateral
All Regional
Supplies
All ENP Bilateral
All bilateral
All Regional
Works
Transport Sector Support;
Water Sector Support; Health
Sector Support;
Education
Sector Support; Textile Sector
Support; South Sinai; TVET;
RDI; EPAP II; SMAP; NATP
II; MWS; Galileo; SafeMed;
InMed
Invest;
Euromed
Quality; Aghadir; EuroMed
MARKET;
EIB
FEMIP;
FEMISE;
Meda
water
MedADR; MedSTAT II; EU
Medis; MedEnec; MedEMIP;
RCREEE; WAMGM; Med
Ibtekar;
TEMPUS
III;
MedaETE Horizon 2020;
Not only in YOUR Country
All ENP Bilateral
DIRECT BENEFIT / Business Opportunities
BUSINESS INFORMATION
Market Access
- Customs Regulations
- Legislative Requirements
- Investment Incentives
Conformity Assessment
Certification
Environment and Sustainable
Development
Environmental Legislation and
Standards
Research and Development
European Commission’s Research and
Development Programmes
Business Co-operation
“Partner Search” inside and outside
the European Union
DIRECT BENEFIT / Business Opportunities
INSTITUTION
BUILDING
REGULATORY REFORM &
REFORM OF PUBLIC
ADMINSTRATION
REFORM OF
FINANCIAL SECTOR
Programmes
Institutional
Twinning
Budget Support
Prog. in Financial
Sector Reform
Regional
Programmes
INDIRECT BENEFIT / Business Environment
The Dream
2010 FTA
And will not Affect the South Now
Lags of import-tariff reductions
95 96 97 98 99
0
1
2
3
4
5
6
7
8
9 10 11 12 13 14 15 16 17 18
Algeria
Egypt
Israel
Jordan
Lebanon
Morocco
Palestinian Authority
Syria
Tunisia
Source: Data from European Commission.
Notes: orange - no Association Agreement (AA), yellow - gradual liberalisation, green - full liberalisation.
EU share is Small but not bad
Source: Eurostat.
Yet the EU is the main trading partner of the Med
countries, absorbing around 50% of their exports
And is Supported Bilaterally
Mediterranean regional trade agreements (extra EU)
GAFTA
1 Algeria
2 Egypt a
3 Israel
4 Jordan
5 Lebanon
6 Morocco
7 Palestinian Authority
8
9
10
11
12
Syria
Tunisia
Cyprus
Malta
Turkey
b
AGADIR FTA
signed
WTO joined
signed
observer
1995
2002
1998
2004
1995
2000
observer
1995
-
1998
1998
1998
2004
2004
-
1995
1995
1995
1995
1998
1998
-
2004
-
Pan Euro
MED RoO
US MEFTA
into force
2006
2006
2006
Sources: European Commission, White House, World Bank, WTO.
a
Since 1998 Egypt is also a member of the Common Market for Eastern and Southern Africa (COMESA).
b
Greater Arab Free Trade Area. Other members: Bahrain, Iraq, Kuwait, Libya, Oman, Saudi Arabia, Sudan, Qatar, UAE, Yemen.
Except ALG GAFTA became effective on 1 January 2005 with a transitional system of rules of origin demanding a 40% ratio of Arab
content.
c
US-Mediterranean Free Trade Area suggested by President Bush in 2003.
1985
2001
2006
-
c
bilateral
with
12
4
3
12
12
12
2,6,8,9
But how can the South-South
Dimension be strengthened
• Real Adoption of the Pan-Euro-Med Rules of Origin “RoO”
• Harmonisation of laws in economic matters, Invigoration of
trade exchanges, promotion of the industrial sector, promotion of
economic activities and employment, improvement of
productivity and living standards
• Co-ordination of sectoral and global economic policies,
especially in the fields of foreign trade, agriculture, finance,
taxes, services and customs
• And most important, more business information and cooperation
and establishment of the missing trade routes
NO South-South Dimension for2010 FTA
without Trade Routes (compare North & South)
And It Worked for Aghadir
Trade Between Aghadir & EU (2000-2006)
40,000.0
million USD
30,000.0
20,000.0
10,000.0
0.0
-10,000.0
-20,000.0
2000
2001
2002
2003
2004
2005
2006
Imports
33,107.5
31,906.7
30,598.5
28,178.9
30,322.6
33,915.6
36,566.2
Exports
21,012.9
20,723.8
20,842.0
20,202.0
22,584.2
25,117.8
28,523.9
Balance
-12,094.6
-11,182.9
-9,756.6
-7,976.9
-7,738.4
-8,797.8
-8,042.3
Imports
Exports
Balance
Likewise it will work for
all the Mediterranean
Its time to
walk the talk
and make every effort to
utilize the available
funding, means, networks,
and cooperation channels;
And Utilize the available Funding
• May 2011: Deauville G8 summit: Egypt and Tunisia
will receive aid worth more than 28 billion euros
• September 2011: The G8 countries and a number of
world and regional financial institutions pledged $73
billion in aid to Tunisia, Egypt, Morocco and Jordan
– Finance ministers from the G8 pledged $38 billion
– IMF promised a further $35 billion as part of the
Deauville Partnership
Funding
• Overseas Private Investment Corporation (OPIC), the
U.S. Government’s development finance institution,
approved $150 million in financing for investment in
consumer foods, manufacturing and financial services,
a step toward fulfilling OPIC’s commitment to provide
$2 billion of investment support to the MENA region,
announced by Secretary of State Hillary Clinton during
her March 2012 trip to Egypt.
• July 2012, OPIC’s Board approved $500 million to
support lending to SMEs in Egypt and Jordan.
• July 2012, Egypt repaid US$ 1 billion bonds and US$
607 million of Paris Club Debt
• October 2012, Turkey committed US$ 2 billion loan
for Egypt
Funding
Gulf Support
17 billion US$ mixed grants and loans
• Qatar: 5 billion US$ deposit at CBE” (plus 9
billion US$ immediate investments in
Alexandria and Port Said ports)
• Kuwait: 3 billion US$ “pledged” (plus a 1
billion LE fund in support of the stock
exchange)
• Saudi: 4 billion US$
With Funding Eligible for foreign Companies
Saudi Support to Egypt
•
•
•
•
Budget Support Grant: 500 million US$
SDF Grant for SMEs: 200 million US$
SDF special loan for dev. projects: 500 million US$
Interest Free Deposit at Central Bank to support foreign
reserve: 1 Billion US$
• Government Interest Free loan: 500 million US$
• Revolving Buying of Egyptian T Bonds: 500 million US$
• Line of Credit for Saudi Exports to Egypt: 750 million US$
The €22 Billion
Initiative
The Euro-Mediterranean
Conference & Exhibition on
Donor Funding, Banking and
Novel Financial Instruments
MEDA FINANCE
The Aim
To monitor available resources and network with the EC, EU member
states and all donors & financial institutions aiming at the support
of business through:
•
Availing the highly needed information about sources of grants,
technical assistance, soft loans, and novel financial instruments to their
real target…SMEs
•
Promoting novel financial instruments inclusive Non Banking & Novel
Financial Instruments Factoring, Leasing, Mortgage finance, Venture
Capital and private equity as the future funding mechanism worldwide.
•
Strive to Repeat the InfraMed concept that was created by the Egyptian
Co-Presidency of the UpM
•
Giving credit and visibility to the EC and all our development partners
Meda Finance The Initiative
1.
Survey of EC, EIB, EU member states and Multilateral
grants, TA, lines of Credit, as well as novel non-Banking
Financial Instruments available for the Euro-Med (over $ 22
billion so far), … but we continue
2.
Setting up the mechanism for periodic updating
3.
Conducting "The 1st Euro-Mediterranean Conference &
Exhibition on Donor Funding, Banking and Novel Financial
Instruments as a networking platform
4.
Sustainability of the initiative and setting up the formula for
replication
5.
Follow-up with customized proposals to all donors
Meda Finance The Study CD
A total of 113 instruments were sourced, that is besides the aid offered to
Governments which is translated into tenders for services and supplies
implemented by private sector from the Mediterranean
1.
Over 43 instruments available for the whole region by 18
countries/institutions/programmes of AfDB, Belgium, EC, EIB, Finland, France,
Germany, IDB, Japan, Kuwait, Netherlands, Saudi Arabia, South Africa, Spain,
UAE, UNDP, UNIDO, USA, and WB/IFC/IBRD; besides what is offered to
individual countries from Canada, Denmark, and Italy, .. and naturally the
countries themselves.
2.
Over 70 Instruments available for individual countries: Algeria 6; Egypt 35;
Israel 4; Jordan 6, Lebanon 5, Morocco 10, Syria 4, Tunis 14
Meda Finance The Study CD
•
Grants: in cash or as technical assistance up to Euro 1 million (50% to
80% of costs), feasibility studies, export finance, credit guarantee,
diagnostics, upgrading, training, export promotion support, …etc
•
Soft loans: up to 80% of project budget extending from US$ 100,000 up
to 100 million, with interest from zero to less than commercial rate, both
fixed and floating, both in euro/$ or local currency, with grace periods
from 1 up to 8 years and maturity from 5 up to 15 years (sovereign loans
are 0.75% interest, grace 10 years, and maturity 40 years)
An Annual Initiative for EuroMed SMEs
To Bridge the Bridges Project with Finance
Egypt
Albeit the present situation, it is still
The Land of Opportunities
Dr. Alaa Ezz
Secretary General
Federation of Egyptian & European Chambers
Egypt’s Economy Today
2012
estimates
2011 Estimates
Key Indicators
2010
2011
2012
2012
3.30
-.70
2.00
3.30
Consumer Price Inflation (av;%)
11.10
16.20
11.60
12.1
Budget Balance (% of GDP)
-8.00
-10.40
-11.00
-10.50
Current-Account Balance (% of GDP)
-2.00
-2.70
-1.40
-1.6
Exchange Rate US$:LE (av)
5.63
6.10
6.20
6.10
Exchange Rate US$:LE (year-end)
5.80
6.15
6.09
7.10
Real GDP Growth (%)
EIU 2011/2012
It’s the momentum of a decade
• Firm Commitment to Peace and Internal
Political Stability.
• One of the top ten Global Reformers for five
years (WB doing business report).
• Attractive Investment Climate.
• Free Trade Areas.
Attractive Investment Climate
•Macro-economic stabilization and
comprehensive structural adjustments
•Clear transparent incentives
•Specific business opportunities
Clear transparent Incentives
• Special Incentives for localizing projects.
• Lowest Tax in the region (cut by half down to 20%), yet 124%
increased revenue.
• Lowest customs within the region (4 years ahead of our WTO
commitments), yet doubled custom revenue up to L.E. 14.7 billion
from only 7.7 five years ago.
• Human Resources, R&D and grants
• Special Free Zones or Pre-Developed Free Zones.
• The Right to Possess and Own Land at very low cost.
• No Local Partner Conditions (100% Foreign ownership)
Macro Stabilization & Comprehensive
Structural Adjustments
• Deregulation, Liberalization and Privatization
• Changing Role of the Government (from operator
to regulator through PPPs)
• Rationalization of Public Expenses & Subsidies
• Tax & customs Reforms,
• Free Exchange Markets & Stronger Currency
• Elimination of Trade Barriers
5 years Top Global Reformer
Macro Stabilization & Comprehensive
Structural Adjustments
• Simplifying Investment procedures, it now takes less
than 72 hours to establish a company instead of 6
month few years ago
• Unified
investment,
Labor,
Banking
and
Telecommunications laws aiming at restructuring the
business climate and strategically simplify the legal
framework for investment policies.
• Issuing modern legislations related to IPR, competition
and consumer protection
A top Ten Global Reformer
Booming Economy
during 2010 in a world of negative growth
•
•
•
•
•
•
•
•
•
GDP: + 7.2% (in 2008), 4.7% in 2009, 6.1% first half of 2010
Industrial investments increased 5 time in 4 years to reach US$ 30 billion
Non oil Exports: Up to 105 billion US$ annually from 44 four years ago
Tourism: + 71% in four years up to 11.6 billion US$ annually
Suez Canal: +24% in 4 years to 3,1 billion US$ annually
Egyptian Workers abroad: +100% to 9.8 billion US$
Natural gas and petrochemicals: Second export train with increased expectation
Oil: rising international price
CBE Reserve: Exceeding US$ 36 billion dollars where it was only 12 billion just
four years ago
• FDI: +700% in five years to reach 9 billion US$ annually plus 15.6 billion US$
local investments
Which will Come Back
Religious
30 political parties
Arab
Unification
Party
El Nour
Protection
Revolution
Party
20 new political parties after 25
January Revolution
Reform and
Renaissance
Party
Socialist Alliance
National Democratic
Alliance
Map of Egyptian
political parties
Freedom
and
Justice
Party
Change and
Development
Party
Islamic
Labour Party
Freedom
Party
Reform and
Development
Party
Altyar Party
Wafd
El Wasat
Left
Karama
Right
Tagammu
Free
Constitutional
Party
Socialist
Popular
Alliance
Egypt
Communist
Party
National
Party
Democratic
Labour
Party
Egyptian
Socialist
Party
Nasserist
Party
El`Adl
El Ghad
9 Political Islam parties
3 Former NDP members` parties
Alwa’i
Masr
Alhuryya
Kenana
Social
Democratic
Party
3 Nasserist parties
5 socialist/communist parties
Al-Tahrir
revolutionnaries
Party
3 center-left parties
3 center parties
5 liberal parties
Democratic
Front Party
Free
Egyptians
Secular
Updated:
21.07.2011
ECD, Cairo
Parties with an Economic Agenda
The Free
Egyptians
Liberal
General
Classification:
Liberal
Liberal
Liberal Democratic Moderate(Conservative)
Centrist
Centrist
For FME
For FME
For FME
For FME
accompanied
by a social
safety net and
strong
executive
institutions
Regulator
Regulator
(reduce size of
government/
create policies
that ensure that
the gap between
social levels is
reduced)
For the
establishment
of a FME
Role of
Government:
Regulator
Strong
regulator /
could be a
strategic
operator /
against
random
privatization
Role of
Private
Sector:
Encourage and
invest in SMEs
and different
industries/ help
eradicate
poverty
The main
economic
developer and
job creator /
must be
socially
responsible
63001
Egyptian
Social
Democratic
Al Wafd
Position on
Free Market
Economy
(FME):
Facebook
Fans:
Masrena Masr el
Reform and
Horeya
Development
Democratic
El Adl
Front
Regulator and Regulator
helps direct
the private
sector
Support and
regulate
market
economy
Regulator
Strong
Lead role in the
Major driver of
relationship
economy
the economy
of private
sector and
government
but private
sector should
play a lead
role in the
economy
15061
4584
14262
3200
Centrist
El Wasat El
Jadid
Freedom and
El Nour
Justice
Moderate
Islamic
Islamic
For FME with
strong
government
presence
Within the
Arab, Islamic,
and African
arena
Regulator
(provide a
political vision
to regulate
market
dynamics/
social justice /
building and
maintaining
infrastructure)
Lead role in
Encourage it
the economic by ending the
activity
emergency
status and
provide a
transparent
and stable,
institutional,
legal
environment
8077
15227
11983
Islamic
Mainly
regulators but
should develop
strategic
projects/
enforce
antimonopoly
measures/
Protect the poor
Government
provides all
agricultural
inputs
Important
Encourage
and invest in
SMEs
29115
4291
ECD, Cairo
And the
Present
Reserve
Decline
is a
Global
Issue
Same for the Stock Exchange
Specific Business Opportunities
Gulf of Suez
Funded Mega
Projects
East Port Said
North East Toshki
Infrastructure and
Services
Investment
Recapping Stock Exchange
Sheikh Zayed Canal
“Toushki”
Banking & Insurance
Takeover of liquidity
problem companies
East Oinaat
Large domestic market
Subcontracting
Free Zones
Trade
Easy access to regional
markets
Regional Free
Trade Areas
Joint Ventures
Bilateral Free Trade
Agreements
12 PPP Industrial Zones
Training Centers
22 New Industrial Cities
Retailing
Retail
Egypt
The Land of
Opportunities
The Local Market
With a population of over 90 million and an increasing per
capita income, Egypt has the largest domestic market in
the region.
Household Expenditure
Urban
33.093
Rural
25.736
Total Urban Rural
58.829 34.278 26.574
Total
60.852
Non-food Commodities
18.878
12.874
31.752 18.928 13.484
32.412
Services:
17.932
8.746
26.678 18.965
28.144
Food & Beverage
Grand Total
69.903
9.179
47.356 117.259 72.171 49.237 121.408
Million L.E.
2011 per capita food consumption +9.3%; forecast to 2015 +65.1%
2011 carbonated drink sales +5.6%; forecast to 2015 +56.4%
2011 mass grocery retail sales +14.9%; forecast to 2015+ 251.9%
Egypt, the cross-road of trade
• located in the Middle of all Trade Routs
• Free Trade Areas of 1.4 billion consumers (for manufacturing
& Subcontracting 100% custom exemption, 35%-45% local content)
–
–
–
–
–
–
EU 27 countries
EFTA 4 countries
COMESA 19 countries
Greater Arab FTA “PAFTA” 18 countries
Mercosur 4 countries
Bilateral Free Trade Agreements USA and Turkey
• Easy Access to Regional Markets
• Modern Ports, Free Zones & Transit Facilities
Trade, the two way approach
Egypt still poses an excellent opportunity for foreign
Companies to:
• Increase Exports to Egypt
– Large market for technologies, machinery & products
– Lines of credit & Grants
– Modernization Needs
• Increase Foreign Exports to Third countries
– Added value subcontracted assembly or formulation
– To benefit from Free Trade Agreements
• Use Egypt as a Transit Trade Hub for the Region
– Fast and Easy Access to Regional Markets
– Utilize Egypt’s Modern Free Zones & Transit Facilities
Foreign Companies
Technology, Components, CKD, Inputs,
Licenses, TRAINING, QC, ..etc.
Royalty
EU27 + EFTA
Egypt
Assembly,
Formulation,
Installation,
Arabization..etc
The Region
PAFTA
COMESA
Mercosur
Turkey
USA
Trilateral Cooperation for Africa
Japan
•Funding Telephone Exchanges in Africa
•Design, supervision, CKD by NEC
ُEgypt
AOI: Local Assembly
EgyCab: Supply of Cables
ِArab Co: Installation
Trilateral Cooperation for Iraq
Japan
•Finance of airports, water stations,
power plants, ..etc
•Supply of core components
Egypt
Local Content, civil works, ..etc.
Trilateral Cooperation for Palestine
German Government
•Funding of Police training
•German Companies: Curricula
and train-the-trainers program
Egypt
Police Academy: Training
and hosting of Palestinian
Police Force
Foreign companies with Egyptian Partners for
reconstruction of Libya
Polimeks Insaat
Taahhut ve San Tic
Renaissance - GAMA
Enka Construction
Saipem - Bilfinger
Berger- Danieli & C
Techint Group
Impregilo
Balfour Beatty
Petrofac Ltd
Joannou &
Paraskevaides
FCC - OHL - Ferrovial
Agroman - EIFFAGE
Tecnicas Reunidas
Grupo Isolux
Vinci
Bouygues
Technip
Eiffage
HOCHTIEF - Bilfinger
Berger - Joannou &
Paraskevaides Ed
Zublin AG - Siemens
Moreover, Egypt offers to tourists and foreign
residents:
•
•
•
•
•
•
•
•
•
History, Culture & Tradition
Attractive Touristic & Recreational Sites
Endless sandy beaches with International Facilities
Spacious Residential Facilities
International Education for the Children
World Class Health Services
Hospitable People and a Large Expatriate Community
Pleasant Climate all the year
And a very Spicy political climate
All these world leaders and many many more,
evaluated the rest to invest in the best:
ABB; Abbot; Babcock & Wilcox; Bayer; Birla; Boehringer;
BMW; Cadbury; Carrier; Daimler Chrysler; Daewoo;
Danieli; DOW Chemicals; Du Pont; Eveready; General
Motors; General Motors; Henkel; IBM; Johnson &
Johnson; LG; Macro, Microsoft; Moulinex; Nestle;
Nissan; Otis; Otsuka; Peugeot; Pfizer; Philips; Proctor &
Gambel; Roussel Uclaf; Samsung; Sandoz; Siltal;
Sumitomo; Suzuki; Technocar; Toshiba; Unilever;
Westinghouse; Xerox; YKK; ..etc.
They Came to Egypt, the land of opportunities
.
We Invite You to
guide your companies
on the path of these
pioneers who are
reaping the fruit of
their early arrival
Come to Egypt, in a tradition that is
summarized in the following words of
ancient Egyptian wisdom:
“Rig your Boat, travel near and far,
look for a wise partner,
knock his door, seek his knowledge,
welcome him in your home,
this is how your people will prosper”
Amenophet, 2,500 B.C.