Egypt as a place to do business should not be discounted due to the political and economic difficulties the North African nation is currently facing. These are short-term problems, and all of them will be overcome if one takes into account the prism of a historical perspective. The country has faced difficult challenges before, and the resilience and friendliness of its people – its greatest asset, according to many commentators – has always helped to cope with it. The people will help to do it again.
An Egyptian bank that has played an important role in the development of the business is the award-winning multinational giant HSBC. It has been named “Bank of the Year” by The Banker magazine multiple times over the past few years. Indeed, entrepreneurs and investors looking for start-up capital, state-of-the-art business and financial services, or the latest in business intelligence and local know-how would do well to consider business banking from HSBC as a matter of course.
Not surprisingly, HSBC is not the only prominent bank in Egypt. Other multinationals are also present such as Barclays, Citibank, Standard Chartered and others, as well as many excellent domestic banks such as National Bank of Egypt, Banque Du Caire and Banque Misr. So finding a decent business bank account shouldn’t be a big deal.
America has always been a strong partner for Egypt over the years, as highlighted by the recent visit of a delegation of senior executives from dozens of top US companies. The visit was organized by the US Chamber of Commerce, the US-Egypt Business Council and the American Chamber of Commerce in Egypt.
It was the largest business delegation to the region ever organized by the US Chamber of Commerce, and the second largest in the organization’s 100-year history.
Subsequently, the delegation made it clear that while Egypt’s transition to democracy continued, the country remained open to business. However, the international community is very interested in the stabilization and growth of the Egyptian economy for the benefit of all its citizens.
The delegation said in a statement that the expansion of Egyptian-US commercial relations could play a positive role in helping Egyptians solve their most pressing development problems, create new businesses and create new jobs in the private sector during this critical period of their history.
The statement said: “We are committed to establishing a new relationship with the new Egypt and building a future of broader shared prosperity, growth and development. We believe that with the new democratically elected Egyptian government, it is essential to take concrete steps to expand and deepen Egyptian-American economic relations.
“Above all, we believe our relationship should be focused on helping Egypt create high-quality jobs so that more Egyptians can participate productively in their economy and society. In these efforts, we are particularly focused on expanding opportunities for Egyptian SMEs, including through participation in the global supply chains of our member companies.”
Companies on the delegation included Microsoft, Google, IBM, Hewlett Packard, Johnson & Johnson, Exxon Mobil, FedEx, General Electric, Boeing, Chrysler, The Coca-Cola Company and Citi.
Read about the visit reportInvesting in a New Egypt: Revitalizing the Egyptian Economy by Rebuilding US-Egypt Relations.