Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt joins Advanced Breast Cancer Global Alliance as health expert wins seat    Singapore's Destiny Energy to build $210m green ammonia facilities in Egypt's SCZONE    Egyptian pound gains slightly against dollar in early Wednesday trade    Egypt, Uzbekistan explore renewable energy investment opportunities    Egypt's ICT sector a government priority, creating 70,000 new jobs, says PM    Egypt's SCZONE, China discuss boosting investment in auto, clean energy sectors    Tensions escalate in Gaza as Israeli violations persist, humanitarian crisis deepens    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    French court grants early release to former President Nicolas Sarkozy    Egypt releases 2023 State of Environment Report    Egypt's Al-Sisi, Russian security chief discuss Gaza, Ukraine and bilateral ties    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    400 children with disabilities take part in 'Their Right to Joy' marathon    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Shops lower prices for ''Buy Egypt'' day, but benefits are doubted
Published in Almasry Alyoum on 18 - 12 - 2011

In an attempt to spur the local economy from within, 16 December was dubbed “Buy Egyptian Day” by various business and government officials. Shops offered 5 to 10 percent off Egyptian-made goods, from fine men's ties to furniture and rugs.
But it's unlikely that one day of asking Egyptians to “buy local” will have much effect on Egypt's badly wounded economy. Some say Egyptians are giving their money the same corrupt monopolistic businesses that thrived under Hosni Mubarak.
“How can we say ‘Buy Egyptian' when Egyptian companies take 30 or 40 percent of profits after a product comes out of Egyptian factories, while paying the workers little or nothing?” said Rada Issa, an economic analyst.
Issa said the campaign was designed by the media and wealthy businesspeople to raise prices and secure monopolistic power.
“This campaign is supporting wealthy businessmen, not Egypt,” he said.
But several shop owners and employees in Mohandiseen saw the initiative as too good of a promotion to last just one day.
“I only wish it was for a longer period of time,” said Sami Mohamed, manager of a menswear store in Mohandiseen. The shop's windows were plastered with ads promising discounts on suits and formal men's clothing.
“It's a good thing for the economy, and most people who have come in today know about it. If they didn't, they saw the signs advertising the discounts and were happy to take part,” he said.
The initiative has been picked up by companies ranging from EgyptAir to Makro, a supermarket with outlets outside of Cairo, to Al-Kasry furniture, purveyor of gilded baroque style furniture in Mohandiseen.
It has been billed as a way to jumpstart the Egyptian economy and challenge the opinion that foreign products are of higher quality than those made in Egypt.
Galal al-Zorba, president of the Manufacturers Union, called the initiative, “A positive measure in the shadow of the hard circumstances that will support domestic production.”
In an editorial in the American University in Cairo's publication Caravan, economist Ismail Ayad wrote that the initiative had the power to restore Egyptian pride in domestic merchandise and end the practice of companies selling inferior products locally while exporting those of higher quality.
“Egyptians don't see the best that our country has to offer, and thus an already psychologically ingrained inferiority complex comes out,” he said. “We need to show Egyptian companies that not only do we deserve their best, but it is also more profitable them to cater to the local market.”
Newspaper advertisements issued on Friday showed three hands — black, white and red, the colors of the Egyptian flag — with the slogan, “My hand in your hand, we'll buy Egypt.”
Tamara Saad Eddin, owner of Nevin Altmann, a newly-opened shop in Zamalek that sells goods hand crafted by Egyptian women who work from home, said the idea was particularly appropriate for raising awareness about her shop and the good it does.
“Customers are coming in and asking more questions: ‘Where does this come from? How is it made?'” she said. “We're tiny, so it's good to know that people care.”
But the movement has been criticized by some as supporting the large companies that helped cause the country's current economic problems while bypassing the factory workers, small storeowners and fruit sellers who have been hurt most by Mubarak's economic policy and the recent downturn.
“The economy itself is broken,” said Issa. “This campaign will not help anything. They are making fools of us.”
Um Samieh sells roasted sweet potatoes and corn on Mohandiseen's main thoroughfare, not far from a menswear store offering the promotion. She said she hadn't noticed more people buying roasted corn over bags of chips at kiosks on Friday.
“I know nothing about it, and I don't understand it,” she said. “But it sounds like something for the upper class, the people who have money. As for us, me and my six children, we live in the dirt and don't eat chicken and meat, but we have enough, God help us.”


Clic here to read the story from its source.