High Potential Country 1 - Egypt
Sources - 1. http://www.cia.gov/library/publications/the-world-factbook/geos/eg.html
With a Gross Domestic Product of $230 billion (2013 estimate),
Egypt represents one of the most prominent, and profitable, markets in
Africa. Although at first glance, the low per capita GDP may be cause for concern in the short term, in actuality the $6,600 per capita income is relatively high compared with some of the other nations on the continent. With a diversified economy with major sectors in tourism, agriculture, services, and industry, Egypt is one of the most modern and technologically advanced nations in a continent still reeling the aftermath of European imperialism. Egypt’s 5.2% GDP growth since
2007 and various economic reforms to balance income inequality are an auspicious signs that better times lay ahead for the people of this ancient land and the demand for consumer electronics will inevitably rise. The Arab Republic of Egypt was founded July 23, 1952. The head of state is the president; the post being held in the interim by Aldy
Mansour following a coup d’état. Legislation is accomplished through a one house legislative body, the House of Representatives. In recent years, civil unrest and discontent with the government has kept Egypt in the news cycle. At first glance, this may make Egypt an unfavorable place to begin penetrating the African continent; however, we’re optimistic that the worst is over, and the elections scheduled for this
May will go a long way in stabilize the country. In the early part of this century, Egypt’s government worked to encourage foreign investment, however, recent developments forced the nation to adopt a more protectionist policies.
Boasting a population of 87 million people, Egypt is the third most populous country in Africa. Furthermore, almost half the population has been born within the last 25 years. The market for headphones in
Egypt is only going to expand. The vast majority of the population is concentrated among the urban areas along the Nile valley. This is
different from other African countries, which are less developed. The youthful urban population is more tech savvy and should quickly adopt our product.
As the largest country in the Arabic world and lying at the cross roads of two continents, Egypt tends to be a trend setter in the region. Egypt is home to a primarily Muslim population. If we can win over the cosmopolitan people of Egypt, we will have a jump start to moving into other Middle Eastern and North African markets. The primary language is Arabic, spoken universally across the land, though many in the upper classes know English or French. Music has always been an integral part of Egyptian culture since antiquity, so headphones are something that will really capture public interest. Egypt’s media is less regulated than other countries in the Middle East thus allow more creative freedom; Egypt television and film industries are widely broadcast and highly influential in the region. Sports are popular in the country, with soccer being the most popular, along with tennis and squash, giving us opportunities for sponsorships.
Most of the bigger brands in the industry have some presence or are working to build one. These include industry leaders such as Beats and Bose. However, in Middle Eastern countries there is usually some hostility toward Western companies, so if we can differentiate…