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Market Entry - EDC (Electronic Data Capture) Machine Market in Egypt: Analysis of Growth, Trends and Progress (2020 - 2025)

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About the Market

In the past decade, significant changes were observed in how people pay for products and services. Consequently, a tremendous shift took place towards paperless transactions and credit transfers, cheques and cards became the most popular payment channels. The growth drivers were the debit and credit card transactions, followed by the prepaid card transactions. Aiming at consumer convenience, card issuers and banks are taking locally strategized steps to introduce new technologies to increase market penetration. With banks migrating to EMV (Europay cards, MasterCard and Visa) cards the security levels shall be enhanced, leading to increased usage of cards. The entry of foreign multinationals in developing nations, after consolidating market presence in markets of origin (North America, Europe, and other developed regions) have led to rising competition in developing nations; focusing on operational innovation in marketing and pricing strategies to attract customers across segments. In the past five years, growth in banking and financial institutions had an imperative effect on the economic development of the country. Today, banks have become customer-centric and are focusing on having a good relationship with the customer in order to increase their footprint in the market. In the era of smart money, there has been a shift in trend towards a cashless society. Rapid technological advancement and growing demand for cashless transaction have led to robust growth for EDC machines in the country.

About the Geography

Egypt is an African country, with large oil reserves, led by a semi-presidential government. It was an attractive destination for FDI before the Arab spring. It has a skilled workforce, low labor costs, strategic location, large domestic market, and substantial energy reserves. Egypt is among the top five recipients of foreign investment in Africa with most investments going to the oil & gas, construction, telecommunications, financial services and healthcare sectors.

Since September 2004, the General Authority for Investment and Free Zones (GAFI) has established an economic program to attract foreign investors, together with an average reduction of 35% customs duty and tariff simplification. Though all the economic sectors are open to domestic and foreign investors, those especially targeted by the law, providing the possibility to execute projects under the BOT (build, operate, transfer) form, are agriculture industry, mining, tourism and hospitality, air travel, off-shore shipping transport, goods transport services, oil prospection and drilling, infrastructures. Some strategic sectors like aerospace, defense, and print journalism are subject to specific legislations. Obstacles to investment include excessive bureaucracy, shortage of skilled labor, limited access to credit, slow and cumbersome customs procedures, and non-tariff trade barriers. In addition, rapid population growth continues to curtail the improvement of the standard of living in Egypt.

The condition in Egypt is rapidly improving and opportunities are already arising with growing stability in the country, with infrastructure, energy, and public sectors appealing to foreign investors and FDI pouring into the country.

Component Name

Unit

GDP (USD billion)

331

GDP Annual Growth Rate

3.8

GDP Per Capita

2707

Unemployment Rate

12.5

Inflation Rate

14.1

Consumer Price Index (CPI)

190

Interest Rate

11.75

Loans to Private Sector (USD billion)

57.223

Balance of Trade (USD billion)

-3.158

Manufacturing PMI (Index Points)

46.3 Index Point

Ease of Doing Business

131

Competitiveness Rank

115

Corruption Rank

88

Consumer Confidence

81

Consumer Spending (USD billion)

62.25

Bank Lending Rate (Consumers)

13.8

Corporate Tax Rate

25

Sales Tax Rate

10

 

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

 

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