Economy Of Egypt

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These impediments have a chilling effect on overseas investment in Egypt which signifies that native companies can't be aggressive within the international economy because of the high costs of raising capital. In addition, the amount of paperwork required for development, imports, and exports is burdensome and the time for the federal government to process this paperwork is lengthy. diving in hurghada padi Traders must submit eight paperwork to export and 10 to import—versus France, for example, the place only 2 paperwork are needed each for imports and exports. The excessive cost of doing enterprise results in fewer businesses operating inside Egypt which causes unemployment.
The new Income tax Law No 91 for 2005 reduced the tax rate from 40% to twenty%. According to government figures, tax submitting by individuals and corporations increased by a hundred%. Until 2003, the Egyptian economic system suffered from shortages in overseas currency and excessively elevated interest rates. A sequence of price range reforms had been carried out to redress weaknesses in Egypt's economic surroundings and to spice up non-public sector involvement and confidence within the economy. The Egyptian tourism business is likely one of the most important sectors in the economic system, in terms of excessive employment and incoming international currency.
In Upper Egypt, vacationers that "offered some of the essential sources of earnings apart from farming has dried out". The Suez Canal is a serious waterway for worldwide commerce and navigation, linking the Mediterranean and Red Sea.
Egypt's unemployment rate reached 11.eight percent in the second quarter of 2011, down from 11.9 p.c in the first quarter (though higher than last 12 months's eight.96 %). Additionally, there is no Bankruptcy regulation in Egypt and entrepreneurs that fail to pay debts can face jail sentences. According to an Associated Press report, nearly half of all Egyptians stay beneath or simply above the poverty line. More than 15 million Egyptians reside on less than $1 a day, and the determine is steadily rising.
In an effort to quell discontent over rising meals prices, Egypt supplied government and public sector workers a pay rise of as much as 30%, and urged the non-public sector to keep up with the pay rise. The offer got here on the May day speech delivered by President Mubarak to the Egyptian General Federation of Trade Unions. Among the legislators' targets had been tackling the Black Market, lowering bureaucracy and pushing by way of commerce liberalization measures.

  • The warm waters of the Mediterranean Sea are house to at least seventy nine species of elasmobranch fish .

Great White Shark

Amendments to Investment and Company legislation had been introduced to attract international buyers. For example, the number of days required for establishing a company was dramatically reduced. Major fiscal reforms had been introduced in 2005 to sort out the casual sector which according to estimates represents somewhere between 30% to 60% of GDP. Significant tax cuts for firms have been introduced for the primary time in Egyptian historical past.

Is Hurghada Egypt safe?

There is no FCO advice against travel to Cairo, Alexandria, the tourist areas along the Nile, and the Red Sea resorts of Sharm el Sheikh and Hurghada. The section of the country between the Nile and the Red Sea is also considered mostly safe.

The Minister of Economic Development, Othman Mohamed Othman, as soon as mentioned that the poverty rate in Egypt had risen from 19 % of the population in 2005 to 21 % in 2009. In 2010/2011, the poverty fee in Egypt had risen to 25% of the population.

Women Travelers Risk : High

It has many constituents of tourism, primarily historic sights particularly in Cairo, Luxor and Aswan, but also seashore and other sea activities. The authorities actively promotes overseas tourism since it's a major source of foreign money and investment. The political instability since January 2011 brought on a discount in tourism, however the subsequent yr it was rising.