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EGYPT AND POLAND: MACROECONOMIC CONSIDERATIONS, RELATIONS, AND PROSPECTS

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Hassanien K. B. E.-D. A.

Hemispheres. Studies on Cultures and Societies

2005

issue 20

151-161

This paper is a study in the Egyptian and the Polish economy. It is an attempt made to analyze the common economic roots and economic relations between Egypt and Poland. The article also answers questions related to similarities and possibilities of economic cooperation between these two regional economic leading countries. It was based on studies concerning the transformation process in Egypt and Poland, the economic development in both countries, and current economic data. Both Egypt and Poland reached an advanced level of economic transformation. In Poland the transformation process was powerful from the beginning, increasing the role of the private sector in economic activities. Egypt made the change by applying the policy of gradual doses to minimize the social cost of transformation. Egypt and Poland also liberalized the foreign exchange market by moving from the fixed exchange system to the managed float exchange system. The privatization methods and policies were similar in both countries, as were also the sectors covered (almost all civilian sectors were involved). Both Egypt and Poland were at the heart of the transformation process almost at the same time. Currently Egypt enjoys a modern widespread and integrated infrastructure like many of the Central European countries. It is the leading economy in the Arab region, whereas Poland is the leading country in Central Europe. Egypt entered into a partnership agreement with the EU, and Poland became a full member of the EU in May 2004. However, though Poland is now a part of the EU, the trade between Egypt and Poland is still at a very low level. The volume of Polish exports to Egypt stands at the annual level of approximately USD 80 mln. Polish entrepreneurs import from Egypt chiefly plastics, vegetables and textiles that are worth about USD 10 mln per year. In fact, the low level of trade between both countries is matched by a very low level of Egyptian tourists to Poland. There are similarities between Egypt and Poland as two economic leading countries, each in its own region. Both countries have also similar aims related to economic growth and trade liberalization. Although Egypt and Poland could be economic partners, the figures of trade between them fall below such expectations. It is strongly recommended to promote trade of goods and services between these two countries. Poland should also be included within the Egyptian tourism schedules.

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1 Hemispheres. Studies on Cultures and Societies

1 Hassanien K. B. E.-D. A.

1 2005

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EGYPT AND POLAND: MACROECONOMIC CONSIDERATIONS, RELATIONS, AND PROSPECTS