On December 4th, Canada Egypt Business Council (CEBC) hosted a special event at the Semiramis Intercontinental Hotel, to mark the occasion of the Canadian Businesswomen and Leaders’ Delegation’s first visit to Egypt. Their primary goal was to increase trade and investment opportunities between Egypt and Canada. In so doing they focused on developing awareness and exploring new business opportunities in the Middle East. The meeting was headed by H.E Dr. Osman M. Osman, Minister of State for Economic Development.

CEBC Chairman, Mr. Motaz Raslan’s opening remarks set the tone for a roundtable discussion between Canadian businesswomen and invited guests that included CEBC members, governmental officials and prominent businesswomen veterans who represented various sectors in Egypt. Raslan stated that the objective of this meeting was to explore new business opportunities between Canada and Egypt. He highlighted Egypt’s recent economic progress by referring to the importance of its Economic Reform program. Adopted by the Egyptian Government this program was meant to lessen trade impediments by cutting taxes and improving the regulatory process for foreign investments.

Raslan introduced H.E. Dr. Osman M. Osman, honoured guest and the keynote speaker. In his speech, entitled “Egyptian Economic Development and the Recent Reform”, he spoke of the Egyptian economy and its development, especially in the last few years. Focusing on new economic reform and its positive impact, he listed major sectors that support the “Egyptian economic boom”, especially tourism and manufacturing. According to Osman, “Internationally, Egypt is rated the third African country in the investment sector. Trade constitutes 2/3 of the Gross Domestic Products (GDP)”. He also highlighted the recent role of government in facilitating the trade and investment process, particularly in the import and export fields. Egypt’s total investment is around 90 million Egyptian pounds. Textiles and engineering are the leading sectors in this arena. He also discussed some of the improvements in the investment, banking and employment sectors.

Osman stated that although Egypt is improving economically, some obstacles still exist. He went on to explain that Upper Egypt needs a variety of developmental programs to be able to catch up with other areas. This would include upgrading its infrastructure zones starting from Sohag to Assiout. In tackling the social field, Egypt has reached effective agreements with the UN and other international NGO’s in the education sector. This is clearly demonstrated by the opening of new schools, enhancing teaching programs, facilitating the educational process for girls and improving the quality of education in general, all resulting in higher levels of education overall. In closing, Osman encouraged the building of stronger relations between Egypt and Canada, by strengthening the friendly and business ties between the two countries.

The floor was then opened to free discussions on the role of the Egyptian Government and the process of setting programs to improve different business deals and agreements between Egypt and other foreign entities. Recently the government has been attempting to set rules and regulations which would be applied to trade agreements, in the hopes of unifying them with investor expectations.

Dr. Hala Helmy El Said (Executive Director of the Egyptian Banking Institute & Professor of Economics at Cairo University) moderated the panel discussion, stressing the role of Egyptian women in the economy. Their success has had a positive economic and social impact on Egyptian society. According to Dr. Hala, “Women’s participation rate in the economy has increased, where currently they handle top and senior levels of management. Educational programs are now being set for women by training them on the know-how of reaching senior levels of management”.

Dr. Hala’s speech was followed by examples of success stories by Egyptian businesswomen who highlighted their accomplishments and the challenges they faced throughout their career. They described how they achieved their goals, in addition to emphasizing the improvements happening in different business sectors in Egypt. The veterans included Ms. Loula Zaklama, President and Managing Director, RadaResearch & Public Relations Co.; Dr. Madiha Khattab, Dean of the Faculty of Medicine, representing the pharmaceuticals and medical fields; Ms. Laila Iskandar, Chairperson, CID Consulting, representing educational and CSR fields, and Ms. Hala El Barkouky, Managing Partner, Allied Business Consultants, representing the investment field.

The Canadian delegates discussed the possibility of opening various channels of investments in Egypt, specifically in the sectors of finance, education and information technology. They used Japan as a clear example to demonstrate that as Canada looks to foreign investment opportunities, these sectors are tops on its lists. Canadian delegates anticipate working closely with Egypt in banking system enhancements and educational development programs.