Tunetoy Industries is considering entering the Egyptian market.The manager in charge of assessing foreign markets is surprised to see that Egypt receives a high level of remittances.What is the implication of remittances to the Egyptian market?

Question

Quizplus · Accepted Answer

Remittances refer to money sent by individuals working in foreign countries back to their home country. In the case of Egypt, remittances represent a significant source of income and have a positive impact on the country's economy. The influx of foreign currency increases the buying power of Egyptians, which translates to increased demand for goods and services. This makes Egypt an attractive market for Tunetoy Industries. Exchange rate instability and psychic distance are not directly related to remittances.

Tunetoy Industries Is Considering Entering the Egyptian Market