Tech in Africa
The Information Technology Industry Development Agency (ITIDA) has taken part in a webinar organized by the US-Egypt Business Council, themed “Egypt: Your Hub for IT Services”, also alongside the American Chamber of Commerce in Egypt.
The event aimed to encourage foreign US investors to expand their regional presence and leverage Egypt as a hub for IT/ITES and technology innovation. Egypt’s IT sector is set to achieve a 16% growth rate during this fiscal year. The domestic sector’s GDP increased from EGP 93.5 billion to EGP 107.7 billion in the last fiscal year – contributing 4.4% of GDP. Digital exports also improved from $3.6 billion to $4.1 billion.
Egypt is on the verge of a digital transformation largely attributed to its regional leadership, high level of digital literacy, and internet connectivity. The drive to build the ICT sector is part of the country’s broader Digital Egypt initiative. Noteworthy reforms on intellectual property, digital signature, consumer protection, and digital transformation have been done.
The meeting also urged for greater bilateral trade between both countries while touching on the existing investment opportunities in both countries. Egypt aims to capitalize on its first spot ranking in the Middle East and Africa region, as per the Global Services Location Index 2021.
