Local businesses are what Egypt needs the most at this point in time. Right after the devaluation of the Egyptian pound, all the goods and services provided by international organizations had their prices shooting up. This had a negative impact on the Egyptian community as a whole, whether end consumers or businesses. Having local businesses spreading allover the country is what the community needs the most and here is why:
Buy More for Less
The average Egyptian will now be able to purchase high quality products or services while spending less amounts of money. The value of imported goods is much higher because of the exchange rate, the trade costs, shipment.. etc
This will affect the lives of Egyptians positively as they will be able to buy more products with the same amounts of money.
Providing New Job Opportunities
Local businesses help create job opportunities that are essential at this point of time. The youth would have lots of more possibilities, especially that many people were laid off right after the revolution. Unemployment rates in Egypt are extremely high. According to the CAPMAS, unemployment rate as of the third quarter of 2017 are 11.9%. It is way less than that of the previous year, which is a good indication.
Independence of International Organizations
Instead of spending huge amounts of money on international products, Egyptians will be spending it on high quality locally produced goods. Therefore, the need of international organizations with their services and goods will be less. Being less dependent on international products makes it a more sustainable economy, as the economy wouldn’t be hindered as much if any political or economical instability occurred that affects international trade.
The Egyptian Economy will grow in terms of exports, as if local business were successful enough, there could be a chance of exporting some of the products to countries within different regions. This will solve the problem of the supply of international currencies, which might eventually increase the value of the EGP on the long term. Once Egypt’s GDP increases, the quality of living of the whole community will be better.
Emotional Satisfaction Boosted
Many people underestimate the power of emotional satisfaction, however it can move mountains. Egyptians always feel the need to brag and be proud of their successes. When having successful local business, this will motivate people to work harder to achieve more.
Higher Tax Base, Better Public Services
Having more successful local businesses will increase the tax income of the country, which will eventually contribute to providing higher qualities of education, health services, facilities, transportation and electricity. This will impact citizens positively.
Identity and Awareness
Local businesses create an identity for the community, it increases competition and makes people want to become better and advance more. Along the way, all employees starting from the CEO till the doorman develop a sense of responsibility as everyone knows his rights and obligations, which increases the level of awareness.