Egypt and the Economy:
Egypt falls in northern part of Africa and is said to be linking country with Middle East countries. It is considered playing an important role in exporting oil to many parts of Africa and other countries and also contributing foreign exchange. Apart from Oil, Egypt has strong base for textile, Ceramics and pharmaceutical products.
Egypt’s economy mainly depends on agriculture, tourism, petroleum exports and media. Petroleum and natural gas are also produced. The principal minerals include iron ore, phosphates, salt, manganese, limestone, gypsum, and gold.
Tourism in Egypt is one of the most important parts of Egypt’s economy. Egypt derives a great deal of its foreign exchange from tourism. At its peak in 2010 the sector employed about 12% of Egypt’s workforce serving approximately 14.7 million visitors Egypt, and providing revenues of nearly $12.5 billion as well as contributing more than 11% of GDP.
Agriculture is also a large part of the Egyptian economy. The Nile River provides Egypt with some of the most fertile land in the Middle East. It produces food for consumption and export as well as cotton for domestic and foreign textile production. Egypt’s other great resource is the Suez Canal. Roughly 7.5% of global sea trade transits the canal providing Egypt revenues in excess of $3 billion annually.
Having such a strong base of income from the established sectors of agriculture and tourism, the economy of Egypt has comparatively developed since the last few years. With the development of the economy, business opportunities are also growing.
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