The Minister of Communications and Information Technology Amr Talaat has delivered a speech in the opening session titled “Investment in Technology, Trade and Manufacturing Development” within the activities of Tech Invest 4, organized by the Digital Economy and Technology General Division (DETGD) of the Federation of Egyptian Chambers of Commerce (FEDCOC).
The opening ceremony was attended by the former ICT Minister Atef Helmy, the former ICT Minister Khaled Negm, DETGD Chairman Khalil Hassan Khalil, FEDCOC Secretary General Alaa Ezz, FEDCOC Chairman Ibrahim El Araby, a number of officials of ICT and banking sectors and investors.
Amr Talaat highlighted that the growing investment in the ICT sector has become imperative to develop digital societies worldwide. He explained that worldwide IT spending is projected to total $ 4.5 trillion by the end of 2022, an increase of 5% from 2021.
Amr Talaat also emphasized that government investments in the ICT sector will rise in the 2022-2023 fiscal year by 22% to about EGP 22.8 billion, within building Digital Egypt. He added that these steps underlined that Egypt believes in directing investments increasingly to attain transformation into an integrated digital society. He also referred to the increasing indicators of the ICT sector, being the highest growing sector in Egypt for three successive years, with a growth rate of 16%.
The ICT Minister stressed his full confidence in youth’s ability to adapt technology to address the challenges facing the Egyptian and regional society and to achieve economic development. He highlighted the Ministry of Communications and Information Technology (MCIT) keenness to qualify human calibers specialized in technology in all ICT sciences. This is achieved through the technical training strategy implemented according to a hierarchical approach with investments of EGP 1.1 billion to train 200,000 trainees during the current fiscal year, with a budget increase by about 22 times and an increase in the training number by about 50 times compared to the three previous years.
Talaat also referred to MCIT efforts to encourage investment in startups, as the volume of investments in startups amounted to $490 million in 2021, compared to $190 million in 2020.
Talaat stated that the first phase of the Knowledge City in the New Administrative Capital includes an electronics innovation hub which will gather a huge number of companies specialized in electronics. This is in addition to a research and development center with advanced technology laboratories to implement applied projects in significant fields, such as smart agriculture and health services.
The ICT Minister added that the first phase also includes Egypt University of Informatics (EUI). EUI is the first university specializing in ICT sciences in the Middle East and Africa. This is in addition to the Center of Excellence (CoE) for Universal Design and Assistive Technologies (AT). It also includes a training center and a startup incubator within the plan of deploying CREATIVA Innovation Hubs in the governorates. Through CREATIVA Innovation Hubs, many activities will be implemented, including setting up networking forums between youth and investors.
The ICT Minister declared that Egypt leads the African countries in the average fixed Internet speed. He hailed the efforts made to strengthen the information infrastructure and lay fiber-optic cables in the villages of the first phase of Decent Life initiative, with an investment cost of EGP 5.8 billion. He noted the introduction of frequency bands for mobile operators, in addition to increasing the number of cell towers and stations.
In addition, Talaat highlighted the significant role of Egypt Post as an outlet for providing digital government services through post offices nationwide. He stated that a plan is being implemented to develop post offices in terms of the form, automation of all works, and provision of new packages of postal services, such as “Wassalha” service to encourage e-commerce as well as Yalla Super App.
The ICT Minister pointed to MCIT keenness to strengthen the international information infrastructure, especially that more than 90% of the data transferring from east to west pass through Egypt through the international cable network.
Tech Invest 4 Conference is held this year under the theme “Fourth Conference for Investment in Technology, Trade and Manufacturing Development”. More than 300 tech companies, 700 specialists from the ICT sector, various entrepreneurs, investment funds and division heads nationwide participated in the event. The Conference also included more than 100 investors and 500 incubators and business accelerators.
