Flag Facts
Egypt’s national emblem, a gold Eagle of Saladin, is prominent. The band colors, meanwhile, are derived from the Arab Liberation flag and represent oppression (black), overcome through struggle (red), to be replaced by a bright future (white).
Location: A country in Northern Africa, Egypt borders the Mediterranean Sea and is between Libya and the Gaza Strip. It’s roughly eight times the size of Ohio.
Language: Arabic is the official language, with English and French widely understood by educated classes
Total Population: 109.5 million
Capital: Cairo
Government: Presidential republic
Religion: Muslim, predominantly Sunni (90%), along with Christian
Economy: With the second largest economy in Africa, Egypt is a strong commercial partner with the United States and is the top export market for U.S. good and services on that continent. Egyptian exports to the U.S., meanwhile, were $3.2 billion in 2021, an increase of 35.5 percent in value from 2020. Textile and apparel exports are Egypt’s largest non-fuel exports to the U.S. (It’s the largest oil producer in Africa outside of the Organization of the Petroleum Exporting Countries.) The war in Ukraine has put intense financial pressure on the country, and in December, Egypt and the International Monetary Fund reached an agreement on a $3 billion Extended Fund Facility loan. The country continues to grapple with an underperforming private sector, poor labor force participation and an unemployment rate that hovers around 7 percent.
News note: Egypt’s Central Bank increased interest rates again in August, bumping its most basic lending rate, the overnight deposit rate, from 18.25 percent to 19.75 percent. The move is meant to combat inflation, which has continued to surge through 2023, heavily impacting basic items including grain, meat, fish and fruit. Egypt is also trying to manage a depreciating currency. Since the Russian invasion of Ukraine in February 2022, the Egyptian pound has lost more than 50 percent of its value against the dollar.
GDP (official exchange rate): $323.8 billion
Currency: Egyptian pound (conversion rate at press time: 1 EGP equals $0.032 USD)
Franchising in Egypt: No specific law regulates franchising in Egypt. Instead, applicable trade and commercial agency laws govern franchise agreements, though the country’s Trade and Industry Committee is expected to review a redrafted version of franchise regulations first proposed in 2019. While major global brands have a presence in Egypt, the franchise market is still somewhat immature, which can mean opportunity for companies looking to establish a foothold in the region. The Egyptian Franchise Development Association, meanwhile, works to promote the franchise model. New investment, bankruptcy and customs laws passed in recent years are aimed at improving Egypt’s investment and business climate.
Source link : https://www.franchisetimes.com/international_franchising/franchise-market-still-maturing-in-egypt/article_4b254292-5bb5-11ee-bef3-6b550897f6d5.html
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Publish date : 2023-09-28 03:00:00
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