Egypt’s digital exports to rise 12.2% by FY23
CAIRO, EGYPT — The digital export sector in Egypt is projected to increase by 12.2% to US$5.5 billion in fiscal year 2022/2023, up from US$4.9 billion the previous year.
Egypt’s Minister of Telecommunications and Information Technology Amr Talaat attributed this significant boost to the establishment of outsourcing centers by tech giants from the United States (U.S.) and India to the country.
Late last year, Egypt secured 29 agreements with global giants such as IBM, Amazon, Microsoft, and Dell Technologies to set up these outsourcing hubs.
Talaat added that these centers could contribute an additional US$1 billion to Egypt’s digital exports and create over 34,000 jobs by 2025.
The Minister also noted the telecommunications sector’s rising contribution to Egypt’s economy, surpassing five per cent in FY2022/2023.
This upward trend follows a US$2 billion investment aimed at amplifying internet services in the country, which saw fixed internet speed climb from 5.6 Mbps in 2019 to 47 Mbps in 2023.
Last October, Talaat announced that Egypt invested EGP 50 billion (US$1.63 billion) in digital transformation projects. This robust commitment to the digital sector underscores the vital role outsourcing has played in bolstering Egypt’s digital exports and overall economic growth.
