The challenges created by the global supply chains have also created promising investment opportunities to outsource services to Egyptian companies, added Mahfouz
Egyptian startups received $380 million in foreign investments by the end of May 2022, a whopping 190% higher than in the first 5 months of 2021, explained Head of the Information Technology Industry Development Agency (ITIDA) Amr Mahfouz.
During the opening of the Watan Digital Seven Conference yesterday, the ITIDA head added that Egypt is witnessing unprecedented growth in the telecommunications sector, highlighting the continued digitization of government services, as well as the volume of investments in infrastructure and start-up companies.
Earlier this month, Finance Minister Mohamed Maait said that Egypt is looking to attract $10 billion in foreign direct investments (FDIs) annually as part of its plan to improve the country’s economic development and create more job opportunities.
The agency’s work is based on 3 main pillars, said Mahfouz at the conference; developing markets in order to attract and nurture creativity and emerging companies, creating a business environment, and providing electronic signature services in order to create a knowledge economy and encourage creativity.
The challenges created by the global supply chains have also created promising investment opportunities to outsource services to Egyptian companies, added Mahfouz.
He also pointed out that ITIDA aims to train 200,000 new young people within the Our Digital Future Initiative over the next two years.
Currently, ITIDA works with civil society organizations operating in the sector on more than one axis, including developing the capabilities of member companies and opening new foreign markets. Mahfouz also noted that the agency, in cooperation with the international research company Ernst & Young, studied the experiences of 10 countries that compete with Egypt in the field of outsourcing services.
Mahfouz indicated that the export support program allocated EGP 550 million in support over the past 12 years, benefiting about 250 companies in the technology sector that export their services to other markets.