The ICT sector’s budget rose by 22.6% in FY2022/2023, compared to the previous fiscal year, with Egypt aiming to boost the sector’s exports
Egypt has invested EGP 50 billion into digital transformation projects, said Minister of Telecommunications and Information Technology (MCIT) Amr Talaat during a panel discussion at the Egyptian Economic Conference.
The ICT sector’s budget rose by 22.6% in FY2022/2023, compared to the previous fiscal year, with Egypt aiming to boost the sector’s exports.
Digital exports increased during FY2021/2022, recording $4.9 billion compared to FY2018/2019’s $3.6 billion.
Egypt’s highest growing sector, the ICT sector grew by 16.3% in FY2021/2022, revealed Talaat.
Talaat pointed out that the MCIT has expanded the number of technological innovation centers across the country to 30, with a total investment of EGP 4.2 billion.
Foreign investments in startups operating within the ICT sector doubled, reaching $490 million in 2021 compared to $190 million in 2020.
The Minister explained that his ministry has allocated EGP 1.3 billion towards skill-building, training around 225,000 people within the current fiscal year.
The session discussed key challenges that the sector faces, including brain drain, the gap between graduates' skills and labor market needs, and the lack of necessary skills in the fields of research and development.