The minister added that it also reflects Egypt’s development in supporting innovative thought, entrepreneurship, and building digital capabilities for young people
Egypt’s Communications and Information Technology sector grew by 16.3% during the previous fiscal year (FY2021/2022), becoming the country’s highest growing sector, revealed newly released performance indicators for the economy by the Ministry of Planning and Economic Development (MPED).
According to the Ministry of Communications and Information Technology (MCIT), the ICT sector grew by 16.1% in FY2020/2021 and around 15.2% in FY2019/2020.
MPED’s report added that the ICT sector was the top sector in terms of the number and value of acquisitions and merger activity in the Middle East and North Africa during the first half of 2022.
In an official statement, MCIT minister Amr Talaat explained that the sector’s steady growth reflects Egypt’s development and progress in digital transformation and infrastructure due to the implementation of Egypt's digital strategy.
The minister added that it also reflects Egypt’s development in supporting innovative thought, entrepreneurship, and building digital capabilities for young people to enable them to find jobs within the ICT field.
Egypt’s digital services exports recorded $4.9 billion in the previous fiscal year (FY 2021/2022), with Egyptian start-ups attracting $490 million in foreign investments in 2021 compared to $190 million in 2020.
Talaat pointed out that the ICT sector’s development is a natural result of the efforts asserted by all elements within the sector, as well as active and constructive partnerships between the public and private sectors, which led to the implementation of many ICT projects that have supported the state’s efforts in achieving digital transformation.