Egypt’s profitability rates reached 14% : CBE’s Amer

Profitability rates in Egypt reached 14 percent, governor of Egypt’s Central Bank (CBE) Tarek Amer said Sunday, adding that those rate are not found in any other markets.

During a TV interview, the governor stated that the revenues of the largest 100 firms in Egypt is estimated at 240 billion Egyptian pounds (US$30.6 billion). “This volume emphasises that the Egyptian market is attractive for foreign investments.”, he added.

The governor noted that the international automotive firms are existent in the Egyptian market but lack work basics. Thus, the government has to provide those work basics within the upcoming period  since the automotive sector enjoys a great future.

Amer asserted that the Egyptian market provides labour cheaper 50 percent than those of Turkey and Europe as well as tax less than Turkey’s which is ranging between 80-180 percent.