Industry

Industrial activity remains an economic mainstay in Egypt, with well-established sectors such as textiles, food processing, consumer staples and automotive assembly. Although 35% of industrial producers suffered significant setbacks in 2011 following the political upheaval, the consumer staples segment fared well throughout the year, and even experienced growth. The shift to modern retailing has only just begun in Egypt. With more than 98% of all commercial interactions taking place informally, modern retailers take a long-term perspective when entering the market. Although the average monthly income per household hovers at $244, Egypt is still considered to have a relatively large middle class, into which 85% of Egyptians fall based on income levels over $2 a day. Global grocery retailers have long eyed the Egyptian market, but in the past, success has been limited at best. Today, a small number of major international grocers are moving in once again. This chapter contains an interview with Osama Kamal, former president, Egyptian Petrochemicals Holding Company (ECHEM).