COUNTRY FOCUS: EGYPT
Investments in Egypt’ s ICT sector have surged to $ 4.2 billion in the fiscal year 2022 – 2023, an increase of 20 % from the previous fiscal. The New Administrative Capital, 50 miles east of central Cairo, now houses the majority of national government offices and ministries. The government has structured the New Administrative Capital to be a Smart City and is also working on developing six technology parks. Egypt continues to attract cross border investments into its ICT industry.
ICT growth attracts cross-border investments
The IT sector in Egypt is creating sustainable employment opportunities in the outsourcing services industry.
According to the US based, International Trade Administration, the ICT sector in Egypt remains highly robust, with a growth rate of 15.2 % for fiscal year 2022, 2023, surpassing the overall GDP growth rate. The sector’ s contribution to GDP increased to 5.1 % in fiscal year 2022, 2023, up from 4.4 % in fiscal year 2019, 2020. According to Egypt’ s IT Industry Development Agency, the ICT industry is the fastest-growing sector in Egypt.
Total investments in the ICT sector surged to $ 4.2 billion in fiscal year 2022, 2023, reflecting a significant increase of 20 % from the previous fiscal year. Numerous US companies are present in Egypt and contributing to the growth and advancement of Egypt’ s digital economy, including Microsoft, IBM, Amazon, Visa and others.
The New Administrative Capital, NAC, 50 miles east of central Cairo, now houses the majority of national government offices and ministries. The government has structured the NAC to be a Smart City and is investing in the new city’ s telecommunications and ICT infrastructure.
The first phase of Knowledge City, which will be located inside the NAC, is completed. It includes applied research centres for technology to facilitate technical training, software and applications development, and data design.
The Ministry is also working on developing six technology parks in the cities of Minya, Menoufiya, Mansoura, Sohag, Qena and Aswan. These parks are aimed at supporting entrepreneurship and innovation and will consist of hardware design labs, startup
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