The Information Technology Industry Development Agency (ITIDA) has participated in a webinar titled “Egypt: Your Hub for IT Services,” organized by the U.S.-Egypt Business Council (USEBC), in collaboration with the Embassy of Egypt in Washington and the American Chamber of Commerce in Egypt (AmCham).
The webinar aimed to present the major projects and investment opportunities available in the Egyptian ICT sector, and encourage foreign and US investors to enhance their global presence and leverage Egypt as a global hub for IT, IT enabled services (ITES) and technology innovation.
The webinar was attended by the Ambassador of Egypt to the US, officials from ITIDA, USEBC and AmCham, and representatives of major multinationals.
The webinar touched upon Digital Egypt strategy, its pillars, and the efforts made by the Egyptian government on the legislative and regulatory front, including legal reforms in areas such as consumer protection, intellectual property, personal data protection and digital signature. The webinar also highlighted that the Egyptian government has strategically and heavily invested in developing the ICT infrastructure and expanding the installation of fiber optics nationwide, resulting in tangible outcomes, as Egypt came second in Africa in Internet speed, with an average speed of 33Mbps.
Moreover, the webinar shed light on the remarkable economic indicators of the ICT sector, with expectations to achieve a growth rate of 16% during the current fiscal year. The value of the sector’s domestic product increased from EGP 93.5 billion to EGP 107.7 billion, during the last fiscal year, with a contribution of 4.4% to the GDP. In addition, the value of digital exports improved from USD3.6 billion to USD4.1 billion.
The webinar reviewed the investment opportunities available in the ICT sector and showcased the value proposition of Egypt as a favorite destination for IT and business services. It was also pointed out that more than 40 American tech and non-tech companies are already operating in Egypt, where they leverage the country’s capabilities in the offshoring industry, opting to outsource their IT services and shared services centers from Egypt.
Furthermore, the webinar stressed the necessity of enhancing cooperation between the two sides, and exploring new areas of collaboration to take full advantage of innovation and technology, as well as the necessity to the continued development to keep pace with emerging technologies, especially Artificial Intelligence (AI) and cybersecurity.
The webinar is one in a series of events that ITIDA is planning to organize in collaboration with American companies and institutions to highlight the efforts to develop the ICT sector in Egypt, attract foreign investments and drive the growth and expansion of foreign companies operating in Egypt.
