Egyptian businesses optimistic for growth -HSBC survey: Almost nine in 10 (88%) Egyptian businesses polled by HSBC expect to see growth next year as businesses enter new markets, and the quality and supply of raw materials improves. The HSBC Trade Navigator’s poll (pdf) shows that the vast majority (89%) of the 200 Egyptian businesses surveyed between August and September also sees growth over the next five years, with two in five (40%) of them expecting a 15% or above growth rate, making them more optimistic than their global (22%) and MENA-based (38%) counterparts.

Egypt’s top trading partners are MENA, Africa, Europe and North America, respectively. MENA remains our top partner as 59% named the region as such. More respondents this year, 40%, are also saying they are planning to expand in MENA in the next 3-5 years, more than the 32% of last year.

Growing protectionism in key trading partners is seen as positive: More than three quarters (76%) of the respondents see protectionist policies on the rise in target markets. Most “view this as a positive development, believing they have more to gain than to lose from it” as it could lead to an increase in the competitiveness of their businesses.

Adaptive strategies needed to live with geopolitical changes: More than 80% said geopolitics is having an effect on their businesses, leading them to deploy coping strategies, such as raising capital reserves, cutting down on borrowing, and developing local partnerships. This is compared to 64% globally.

Business is key to UNSDGs: A third of the participants felt their role in helping Egypt achieve the UN’s Sustainable Development Goals (SDGs) is key. They feel efforts toward the SDGs will promote operational efficiency and grow sales, as well as give them a reputational edge.

AI is the most cherished tech: More than a third of the businesses view artificial intelligence (AI) as the tech that will be the most impactful on their companies over the next five years. Nearly half of the respondents said AI is projected to lead to a lower cost of doing business, higher quality, and improved productivity. Data security, 5G, and robotics were also identified by many as key technologies in the coming period.