01:54 PM Thursday 02 November 2023
Written by Dina Khaled:
The General Federation of Egyptian Chambers of Commerce called on citizens to stop campaigns calling for a boycott of the products of companies and restaurants that are said to support Israel.
The Federation said, in a statement today, that those companies that were called for to boycott operate on the “franchise” system, meaning that the parent company does not own any of the branches located in various countries of the world.
The union pointed out that the branches of these companies in Egypt are owned by Egyptian investors. They are Egyptian joint-stock companies, employ tens of thousands of Egyptians, and pay taxes and insurance to the state treasury.
The union added that these calls to boycott Egyptian companies bearing a foreign trademark will harm investment, the Egyptian economy, and most importantly, the salaries of workers in those companies.
During the past few days, campaigns calling for a boycott of the products of companies and restaurants that were said to support Israel in its war on Gaza have spread, and multiple hashtags to boycott some companies topped the most trending list on Twitter. A state of popular anger prevailed against these companies, and social media pioneers demanded a boycott of these products. .
The Union explained that the one who supports the occupation army in most cases is the agent in Israel, not the parent company, and of course not the agent in Egypt.
The Federation confirmed that such campaigns will not have any impact on the parent companies, because Egypt constitutes less than 1 per thousand of the global business volume, and the parent company’s share of franchising does not exceed 5% of the Egyptian company’s revenues, and therefore the impact on the parent company is negligible. However, the impact will only be on the Egyptian investor and Egyptian workers.
The Union continued that it undoubtedly stands with the brothers in Gaza, and participates with its members and the Arab Chamber Unions in providing the necessary aid.
2023-11-02 11:54:00
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