Egypt Market ChallengesEgypt - Market Challenges
Long-term monetary policy and fiscal reforms, including a broadening of the tax base and subsidy reform, are critical to overall economic stability. To improve the ease of doing business and increase foreign direct investment, the government has introduced significant reforms since 2016, including floating the local currency, introducing a VAT system, and implementing various laws related to investment, bankruptcy and capital markets,
Though Egypt is a signatory to international arbitration agreements, its courts do not always recognize foreign judgments. Resolution of commercial disputes is very slow, with the time to adjudicate a case to completion averaging three to five years. The government of Egypt continues to be reluctant to include international arbitration clauses in commercial contracts and agreements, with the exception of the Petroleum Ministry. Other obstacles to increased trade and investment include excessive bureaucracy, a shortage of skilled labor, limited access to credit, slow and cumbersome customs procedures, intellectual property issues, corruption, and non-tariff trade barriers. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Though Egypt is a signatory to international arbitration agreements, its courts do not always recognize foreign judgments. Resolution of commercial disputes is very slow, with the time to adjudicate a case to completion averaging three to five years. The government of Egypt continues to be reluctant to include international arbitration clauses in commercial contracts and agreements, with the exception of the Petroleum Ministry. Other obstacles to increased trade and investment include excessive bureaucracy, a shortage of skilled labor, limited access to credit, slow and cumbersome customs procedures, intellectual property issues, corruption, and non-tariff trade barriers. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.