Trade Events

Business connections with Egypt - May 28-June 3, 2005

April 26, 2005

Toronto and Montreal — May 28-June 3, 2005 — The Canada-Arab Business Council (CABC) will host an incoming trade and investment mission of Egyptian businessmen to Toronto and Montreal, organized by the Canada Egypt Business Council (CEBC). Dr. Ziad Bahaa El Din, the Egyptian Chairman of Investment Authority & Free Zones, will lead the mission, and officials from Egypt’s Ministries of Petroleum, Tourism and Foreign Affairs, as well as the Chairman of the National Bank of Egypt, will be participating.

The mission’s main events will consist of two full-day business seminars—one in Toronto and one in Montreal—detailing the diverse business opportunities Egypt has to offer to Canadian companies. There will also be meetings with Canadian institutions and one-on-one company meetings, partnering Canadian companies with relevant Egyptian businessmen.

Who should attend?

Canadian companies interested in learning about opportunities in the Egyptian market, in developing business relationships with Egyptian companies and in familiarizing themselves with the Egyptian government should take advantage of this mission. Financial institutions and venture capital investors will also have the opportunity to promote the strengths of Canadian financial markets and sources of financing to key contacts in the Egyptian business community. By participating in this event, companies will be able to access key Egyptian business and government leaders.

The Egyptian market is open for business

As the most populous country in the Arab world with the most advantageous geographic location, Egypt plays a key role in the region. It is actively re-shaping its economy, making many changes to bring it up to par with the global economy.

In January 2003, the Egyptian government announced that its exchange rate system would no longer be fixed, and that foreign exchange rates would be determined by market conditions. While in the short term, this will mean that imported products will be more expensive, this action appears to be part of a trend toward greater trade liberalization, which will ultimately benefit international business.

To confirm the commitment to improved economic development, in July 2004, the Egyptian government launched a revised economic reform agenda with aggressive measures to help the overall economy improve at a faster pace. The increasingly liberal economic reforms are steps toward making import regulations and procedures more transparent and efficient, and the trends appear to be toward greater trade liberalization. Egypt has taken a major decision to abolish the list of banned imports and lift import barriers. The reform agenda includes the following elements:

• customs
• income tax
• financial system reforms
• investment promotion
• preserving the social safety net
• fostering innovation

Overall, economic growth is on the rise, with a GDP increase of 3.2% in 2003 and 4.3% in 2004. With the new monetary and foreign exchange policy, the Egyptian pound has stabilized and reflects a more realistic rate based on market forces. The Egyptian stock market has also experienced several booms, recording an unprecedented 119% increase in 2004.

With the government's announcement of substantial cuts in customs tariffs, banking and tax reforms, increased efforts on privatization and other measures, Egypt is clearly sending a strong signal of an open and growing economy.

For more information, or to attend the business seminars in Toronto and Montreal, contact:
The CABC
Tel.: (905) 568-9413
E-mail: info@canada-arabbusiness.org
Web site: www.canada-arabbusiness.org

For more on the mission’s incoming Egyptian delegation, contact:
Motaz Raslan
Chairman
CEBC
E-mail: cebc@canadaegypt.org