Egypt aims to inject around EGP 67.1 billion worth of investments into the communications and information technology sector during the current fiscal year
Egypt aims to inject around EGP 67.1 billion worth of investments into the communications and information technology sector during the current fiscal year (FY 2022/2023), a significant bump compared to the investments recorded in FY2021/2022 (EGP 58.2 billion).
This will place the investments towards the ICT sector at around 5% of the state’s total investments.
Last week, Planning and Economic Development Minister Hala El-Said pointed out that the ICT sector plays an imperative and major role in promoting sustainable development, by providing it with modern knowledge and information that motivate and guide investment, production, and operating decisions.
The ministry released a report last week that revealed that the sector’s production is expected to increase by about 20% at current prices, and by 14.3% at constant prices.
The sector’s output is expected to increase by approximately 21% at current prices, and 14.4% at consistent prices, resulting in a contribution rate of 2.9% and 3%, based on GDP.
The strategic objectives for the sector’s growth, revealed in the report, include developing the sector's activities to raise its contribution to GDP from 2.5% in the year of the plan to reach 5% within two years.
The strategy also seeks to develop exports of outsourcing services and electronic products to exceed $6 billion, compared to $3.5 billion in 2021/2022, in addition to increasing the share of technological exports in total merchandise exports to 5%, compared to 2.5%-3% in 2021/2022.
The objectives include developing and modernizing the information infrastructure and digital content, completing and developing the first and second phases of the Knowledge City, developing and activating the use of modern technology, and building an integrated information society capable of maximizing the use of the communications infrastructure.