9 - 15 May 2002
Issue No.585
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Al-Ahram Weekly Online 9 - 15 May 2002 Issue No.585 |
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Canada scouts Egyptian market
A delegation of Canadian businessmen recently visited Egypt to promote bilateral trade and investments. Eman Youssef reports
Canadian executives, representing the textile, ready-made garment and processed-food industries, met members of the Alexandria Business Association (ABA) last week in an effort to promote business and research the Egyptian market.
"Our mandate is to promote Canada's economic interests in Egypt, and in this context, to support the efforts of Canadian companies who have selected Egypt as a target market for their products," Canadian ambassador to Egypt Michel De Salaberry told Al-Ahram Weekly.
The volume of trade between Egypt and Canada is growing at a brisk rate, reaching $128.8 million during the first half of 2002; a 20 per cent increase from the same period in 2001. In analysis, however, figures show that the balance of trade is firmly tilted in Canada's favour. Canadian exports to Egypt in the first half of 2002, primarily wheat, coal and steel, were worth $107.5 million. Egyptian exports to Canada during the same period amounted to $21.4 million and were made up mainly of textiles, carpets, furniture and petroleum.
The visit was part of regular commercial contacts between the two countries. In April, an Egyptian business delegation visited Canada to enhance bilateral trade relations.
Milan Stolarik, economic consultant at the Trade Facilitation Office in Canada (TFOC), said the visit is considered an exploratory one aimed at increasing understanding of the Egyptian market.
The Canadian experience concerning textiles and preserved food is different to Egypt's so they can benefit by sharing technologies," Stolarik also told Al-Ahram Weekly.
"Our market is open, Egyptian businessmen must offer good quality products with good prices and satisfy customer needs," he added.
He went on to say that the common mistakes made by manufacturers exporting to Canada were: delivering samples late, employing weak sales and marketing tools, providing poor customer service and permitting sloppy accounting.
Such problems can be faced, according to Stolarik, by understanding the product and the market, identifying the customer and competition and by following-up on all commitments.
"Unfortunately, Egyptian products are not well-known in the Canadian market," said Sylvia Potvin, projects officer at TFOC.
To succeed in the highly competitive Canadian processed-food market, according to Potvin, companies should offer a completely new product, or provide a better product in terms of price, quality, service and packaging.
The effort may be worth it. Canada performed well in trade and investment in 2001, despite global economic uncertainty and the interruption of trade due to the 11 September terrorist attacks, according to Stolarik. "Canada did well in a year when many of our trading partners lapsed into recessions, such as the United States, Japan and Germany," said Stolarik, adding that Canada's international trade and investment performance was surprisingly strong.
About $42.8 billion in new direct investment flowed into Canada in 2001, bringing the stock of foreign direct investment in Canada to $320.9 billion, up 6.2 per cent from 2000.
"It is important not to be complacent, we must forge ahead and search out new and expanded trade relationships," said Stolarik, which, he said, explains why Canada is promoting trade with countries as Egypt and India through trade missions and with Costa Rica and Singapore through new trade agreements.
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