About the Arab Republic of Egypt
With a population of 83 million, Egypt is by far the largest Arab country. It sits in the heart of the Middle East with a growing economy that has become much more diversified than in the past. Over the last few years, Egypt has implemented a series of important economic reforms which have led to a solid macroeconomic performance that is helping the country to weather the tough economic times.
Egypt is a major oil and gas producer, with natural gas production increasing rapidly. Investment needs in power infrastructure remain substantial. The government is putting in place an institutional framework for private public partnerships (PPPs). PPP projects in the pipeline include building and maintaining public schools, hospitals, potable and wastewater stations, and freeways.
Due to global financial crisis, a considerable slowdown in economic activity is expected. According to the IMF estimates, economic growth could fall to 4½-5½ percent in 2008 and 2009 (from a 7 percent average in the last three years), with inflation declining to 8 - 12 percent over the same period. The international economic crisis is also likely to weaken FDI flows and net exports of goods and services would most likely decline as key markets shrink and export prices fall. On a positive note, the financial sector has escaped the negative effects of the international crisis so far. This can be attributed to improved banking supervision, conservative lending practices, and the central bank recently guaranteeing all bank deposits.
Egypt has low personal income and corporate tax rates. The top income and corporate tax rates are 20 percent. A special corporate tax of 40.55 percent remains in effect for oil, gas, and exploration companies. Other taxes include a value-added tax (VAT) and a property tax. In the most recent year, overall tax revenue as a percentage of GDP jumped to 15.8 percent due to a widening tax base and improvements in the collection system, including incentives for timely payments.
Coordinating Ministries
Chamber of Commerce and Industry
Federation of Egyptian Chambers of Commerce
4, Midan El Falaki Street
Cairo,
Egypt
Phone: (202) 3551164
Fax: (202) 3557940
Chairman: Mahmoud El-Araby
Cairo Chamber of Commerce
4, Midan El Falaki Street
Cairo,
Egypt
Phone: (202) 3542943
Fax: (202) 3557940
President: Mahmoud Al-Araby
Egyptian Chamber of Commerce of Alexandria
31, Ghorfa Togaria Street
Alexandria
Phone: (203) 809339/808993/807355
President: Mohammaed Ragab
Manufacturing Association
Export Promotion Board
Investment Centre
Travel/Tourism