Egypt signed a series of Memoranda of Understanding with 55 global and local companies to expand operations in the country’s outsourcing and digital services sector, a move expected to create more than 70,000 new jobs over the next three years.

Prime Minister Mostafa Madbouly witnessed the signing during the Global Offshoring Summit currently hosted in Cairo.

The agreements were signed between the Information Technology Industry Development Agency (ITIDA) and international firms across business services, technology, customer experience, and software development.

The ceremony was attended by Minister of Communications and Information Technology Amr Talaat, ambassadors, and senior executives from participating companies.

Madbouly said the government continues to prioritize the communications and technology sector and is committed to offering incentives that attract greater domestic and foreign investment. He highlighted directives by President Abdel Fattah El-Sisi to reinforce the sector’s contribution to economic growth and global service exports.

He added that Egypt’s competitive strength lies in its skilled talent pool, strong digital infrastructure, and ability to deliver multilingual services at scale.

Minister Talaat noted that Egypt has become one of the most competitive destinations for outsourcing services globally. He pointed to the Digital Egypt strategy, launched in 2019, which aims to expand the sector’s footprint and position Egypt as a key hub for high-value digital services.

According to the ministry, the ICT sector has been one of the fastest-growing segments of the economy, recording annual growth rates of 14 to 16 percent, compared to 4.4 percent for the broader economy. Investments of USD 6 billion have been made to upgrade digital infrastructure, improving internet speeds and expanding fiber connectivity across rural and urban areas.

Of the 55 companies signing agreements, 39 will expand their existing centers in Egypt, while 16 will establish operations in the country for the first time.

Companies involved include Accenture, IBM, HSBC, Ericsson, Capgemini, Deloitte, Nestlé, Luxoft, Teleperformance, Sutherland, PwC, Noon, VOIS, Wego, Raya Contact Center, Xceed, and others.

Talaat said Egypt’s young digital workforce and cost competitive environment continue to position the country as a strategic global service hub. He added that the government remains committed to supporting companies throughout the setup and scaling process.