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The Japan Times
WORLD EYE REPORTS
EGYPT |
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©THE JAPAN TIMES
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Friday, April 26, 2002
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Modernizing a timeless land
Egypt is a mystic land with more than 7,000 years of the earliest history of civilization. One the world's most ancient states, the images associated with this land are as timeless as its best known monuments. But modern Egypt is also vibrantly alive, and positioning itself as a stable center for the Middle East and Africa.
Egypt's economic profile is changing rapidly. In the last decade Egypt, under the guidance of President Hosni Mubarak and his business-oriented government, has accelerated its economic reform program.
The thriving emerging market has been helped by policies that include more profound privatization, infrastructure enlargement, investment promotion, financial sector reform, modernization and resource development. All are designed to produce a sustainable annual economic growth goal of 7 percent.
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Cairo-based Misr Cafe is the only Egyptian company that specializes in the production of instant coffee and all types of roasted ground coffee, as well as instant natural drinks such as karkadeh (hibuscus), in both powder and granulated form. Its high quality products are packed in glass jars and aluminum packs or cans under the well-known Misr Cafe and other propreitary brands, but private label services are also available. Misr Cafe?s local distributor in Japan is Asahi Shoji.
www.misrcafe.com.eg
The American University in Cairo (AUC) offers exceptional education in a friendly and fascinating setting that blends the ancient and the modern in Cairo, heart of the Arab World and the largest city in Africa. AUC's English-language, American-style liberal arts education, with its acclaimed programs in Arabic and in Middle East Studies, attract undergraduate and graduate students from over 90 countries. To find out more, contact their enrollment office by email at [email protected].
www.aucegypt.edu
eBox
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 The Suez Canal Hanging Bridge, built with Japanese aid, connects the Middle East and North Africa. |
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Last year's government reshuffle was another sign of Egypt's commitment to weathering the current economic slowdown, especially in light of the September 11 attacks on the US. President Mubarak has been quoted as saying: "the reshuffle is aimed at introducing new ideas and opening up new prospects for the Egyptian economy." FULL STORY
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Anatomy of privatization: from dreams to reality
Throughout the past two decades, Egyptian President Hosni Mubarak and his team have pursued an increasingly liberal economic policy - easing currency controls and restrictions on private capital, encouraging inward investment and recognizing that the free market is a powerful modernizing force. Privatization is one of the key components of this trend.
The appointment of Atef Ebeid, the former minister of privatization, as Egypt's new prime minister, underscored President Mubarak's fourth term strategy. It is no surprise that quickening the pace of privatization is on top of Prime Minister Ebeid's agenda for moving along economic reform. FULL STORY
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 Arab Swiss Engineering Managing Director Omar Guemei |
 Toyota Egypt Chairman Mostafa Shaheen
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The three 'S's on every Egyptian street
Egypt is known mostly to foreign investors for its tourism, petroleum exports, and the Suez Canal. A fact that often goes overlooked, however, is that the country also happens to be the Arab world's largest producer of automobiles.
Despite this, the local Japanese automotive presence continues to be dominated by imported cars. Mostafa Shaheen, chairman of Toyota Egypt, explains why Toyota is dedicated to supplying the country with vehicles and parts, but not yet expanding into manufacturing.
"Four years ago we started a feasibility study to start an assembly line in Egypt," he relates. "The main reason was of course to have local production, and cut down on import costs. The results, however, were not promising. Today Egypt has 24 manufacturers and 15 assemblers making 70,000 units per year, which is far too many." FULL STORY
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Egypt
Area: 1,001,450 sq km.
Population: 69.54 million (2001)
Currency: Egyptian pound (EGP)
Average exchange rate: $1 =4.66 (April 2002)
Total GDP: US$274 billion
GDP growth rate: 5 percent
GDP per capita: US$3,600
Inflation rate: 3%
Unemployment rate: 11.5 percent
Total exports: $ 7.3 billion (2000)
Total imports: $ 17 billion (2000)
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Top five imports:
Crude oil and petroleum products
Cotton
Textiles
Metal products
Top five exports:
Machinery and equipment
Foodstuffs
Chemicals
Wood products
Fuels
Major export markets: EU (35%), Middle East (17%), Afro-asian countries (14%), U.S. (12%)
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Major import markets: EU (36%), U.S. (14%), Afro-Asian countries (14%), Middle East (6%)
 Source: CIA Factbook |
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