With the revolution, the Egyptian economy has seen some tough times the past few years, but we’ve not seen the last of it, not by a long shot.
In fact, there’s one sector that’s particularly fighting back, generating both hope and revenue: the tourist sector. The gradual recovery of Egypt’s tourist sector has generated optimism and, importantly for entrepreneurs, also business opportunities.
In the first quarter of 2013, Egypt received 3 million visitors to the country. That’s a notable 14.6% increase when compared to the first quarter of 2012. The number was 11.5 million for the whole of 2012, a figure which Egypt will be aiming to emulate closely with its target of 11.4 million for 2013.
Spurred on by these figures, the Egyptian Government has set a long-term target of 30 million tourists by 2022. It hopes to have generated $22 billion in revenue by the same year.
To help achieve this, the Egyptian Government will be applying lateral thinking with measures such as placing cameras in tourist resorts to provide live feeds of the tranquility in them and promote a positive image of Egypt as a tourist destination.
Where Do The Business Opportunities Lie?
One promising area is solar power and, in general, renewable energy. Possible subsidy cuts on fuels will mean that businesses such as hotels will want to reduce energy consumption and lower their bills for electricity. As more and more business employ sustainable ways of operating, businesses and professionals who specialize in sustainable development and construction can generate some substantial trade for themselves.
As the tourism sector makes its comeback and more people head to Egypt, the demand for hotels and other tourist accommodation and facilities will also rise, especially in popular resorts like Sharm El Sheikh. This offers companies that provide export construction materials and services a wealth of opportunities, as well as technical experts such as architects, engineers, and project managers. Businesses that operate in this sector should consult their bank for advice on export services and see what services they can offer.
Naturally, the hotels and facilities won’t run themselves. Companies that can supply professionals in hotel management, catering and manual workers, or in the leisure industry, also have a golden opportunity to trade.
Egypt has a demand for foreign language teachers, particular people who can teach English as a foreign language. As Egypt’s tourism sector returns to its former glory, this demand is going to increase, which creates further business opportunities for language schools.
Clearly, Egypt is a country on a mission and has announced itself as open for business, particularly its tourism sector. Construction, hospitality, sustainability, language tuition… they’re all business opportunities that you can make the most of and help Egypt become the place to be. Then ‘Wish you were here…’ won’t be just something that holidaymakers say, it’ll be something they really mean.
For more information on doing business in Egypt, you can visit the Egyptian Government website at http://www.egypt.gov.eg/english/.