Doing Business In Arabian Countries
Investing and entrepreneurship are without doubt the best ways to create wealth. However, when it comes to these activities, one has to weigh the pros and cons. It is not as simple as lifting a spoon and putting food into your mouth. You have got to be wise as not all investments are profitable. You also have to be wise in choosing the place to invest in. One of the places that you can choose to invest in is the Arabian world or rather Arabian countries. Arabian countries are in the forefront of modernity and twenty first century innovation. Doing business in Arabian countries is very profitable. Let me prove to you how profitable it is to do business especially in Egypt.
Economic conditions do not seem to deter Egypt from strengthening its position not only as one of the globe’s leading destinations for outsourcing but also as a successful and beneficial business location. As time elapses Egypt’s economy is increasingly becoming a competitive one. The World Economic Forum has noted that it is becoming easier for both local and foreign organizations to set up business in this Arabian country. The ICT sector is not being left behind in the growth of Egypt’s economy. You can note that international companies such as CISCO, Google, IBM, and HSBC have all decided to make use of the wide array of competitive advantages that are offered by the country. Egypt has actually risen from 116th to 106th in the ranking on the simplicity of doing business. This is because certain regulatory reforms have been made thereby making it easy to begin and run a business in the country. Certainly there is a possibility of the country rising even higher as the reforms continue being implemented. What the reforms have helped out with apart from making it easier to start a business, is that it is now easier to deal with construction permits, enforce contracts, and secure credit. The reforms have actually cut the personal tax rate to 20 percent from 32 percent. Corporate tax has also been halved to 20 percent. In addition, tariffs have been simplified.
What cannot go unrecognized is that Egypt has jumped 11 places in the World Economic Forum’s Global Competitiveness Report. This is as a result of the famous liberalization efforts. The country’s ranking has improved from 81st to 70th. This rank improvement is because of the upgrading of the infrastructure and positive advancements with regard to labor market efficiency. As I mentioned earlier, the ICT sector refuses to be left behind. In addition to the introduction of e-signature law, piracy levels have reduced and evidence of anti-corruption initiatives have propelled Egypt to be one of the ideal outsourcing destinations. Growth in the ICT sector has been attributed to ITIDA (Information Technology Industry Development Agency). This agency is an affiliate to the Ministry of Communications and Information Technology. This ministry’s goal is to attract foreign direct investment and maximizing the exports of IT services and applications. As you can see, the government is doing all it can to improve foreign investments.
If it is this beneficial to invest or rather to do business in this Arabian country, it is only a matter of time before many other Arabian countries see the light. It is a good idea to start investing in Arabian countries.
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