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Thursday, 14 November 2019

Egypt market's annual growth rate of consumption hits 12.5%: FEDCOC

MENA , Monday 21 Oct 2019
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Egypt is a promising market for investors due to its wide customer base of 100 million, secretary-general of the Federation of Egyptian Chambers of Commerce (FEDCOC) Alaa Ezz said on Monday.

Ezz made his remark during the Egyptian-Kuwaiti Business Forum organised by the federation earlier in the day.

Highlighting the great opportunities the Egyptian market provides for investors, Ezz noted that its annual growth rate of consumption averaged 12.5 percent.

Egypt provides a promising export market thanks to the multiple free trade agreements it has signed with regional and global partners, such as Egypt-EU Free Trade Agreement, the Greater Arab Free Trade Area Agreement, Egypt US Free Trade Agreement and the African Continental Free Trade Agreement, Ezz said.

These agreements allow for customs-free entry of locally made products, which would enable foreign companies to overcome the consequences of the current global trade war, Ezz added.

During the forum Ezz shed light on the investment opportunities offered by several mega national projects, including the construction of new cities, infrastructure projects and the Suez Canal Corridor Development project. 

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