Monaco listens to Egypt for business
Monaco’s Chambre de Développement Economique (CDE) welcomed His Excellency Nasser Kamel, Egypt’s Ambassador to the Principality to a lunch organised recently in the Métropole Hotel. The visit comes just as the Grimaldi Forum in Monaco is in the middle of organising its big summer exhibition, The Queens of Egypt (10 July to 12 September). Around 60 entrepreneurs gathered to meet the Egyptian delegation and to hear about the investment opportunities available in a country which is expanding fast. Mr Kamel emphasised how much economic conditions have improved since the adoption of more liberal policies since 2003, including a decision to slash corporate taxes in half from 40% to the current 20%.
GDP (gross domestic product) has almost doubled since 2004, up from $78,802 billion to $149,729 billion in 2007, and GDP growth rate is expected to be 7.3% in 2008. Unemployment has dropped from 11.4% to 9.1% in the same period, and GDP per capita has risen from $1,137 to $1,995.
Today tourism represents 11% of revenue, with the services sector leading on 52% followed by industry on 33% and agriculture on 15%. Other interesting facts to emerge from the talk are that Egypt is on the top rung of the pharmaceutical manufacturing ladder in the Middle East, and supplies one fifth of France’s natural gas. English and French are widely spoken in the country.
Other events being organised by the CDE include a rendez-vous with Egyptian businessmen on 12 July 2008, and a visit to the country at the end of 2008 or beginning of 2009.
www.cde.mc
25.03.2008