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Cairo, Egypt News
About Cairo, Egypt Cairo is the economic center of Egypt, with two-thirds of the country's gross national product generated in the greater metropolitan area. Industrialization, which began in the nineteenth century, grew rapidly following the 1952 revolution and revolved primarily around textiles and food processing. Other industries include iron and steel production and consumer goods. Today the majority of Cairo's work force is employed in service sector jobs, especially in government, financial services, and commerce. The tourism industry is a major source of revenue for the country, along with weapons sales, petroleum, and Suez Canal tariffs. Government agricultural subsidies, cheap public transportation, and low-cost medical care has kept Cairo's cost of living relatively low. The government of Egypt is committed to transforming the country’s economy through the promotion of foreign direct investment over the long term. As a consequence,it has recently introduced new reforms to customs, income and corporate taxations, while privatizing certain sector industries, and developing an export market for their natural gas deposits. Experts agree that all these efforts should improve the economy of the country, create more opportunity for employment and domestic wealth growth while increasing the attraction of Egypt for overseas investors. Growth in the tourist industry netted 2.5 million tourists in 2005, representing 6% of GNP. This figure is set to rise with growing introduction of luxury purpose built resorts throughout the country. Other Major Cities:
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