Egypt deals with 29 global firms to add $1B in annual digital exports returns by 2025
Updated 5/21/2023 10:47:00 AM
Arab Finance: Egypt’s signed agreements with 29 international firms will add $1 billion in export returns per year by 2025, Minister of Communications and Information Technology Amr Talaat stated on May 20th.
The deals will also offer 34,000 job opportunities to serve global markets via 35 information technology export centers, Talaat added.
In 2022, Egypt’s digital exports hit $4.9 billion, with the communication and information technology sector’s contribution to the gross domestic product (GDP) accounting for 5%.
Over 90% of data transfer between Asia and Europe passes through Egypt via 14 submarine cables, the minister noted, adding that five new submarine cables are currently being be established.
He added that the ministry is currently implementing capacity-building programs in the field of electronic design, which would increase the number of specialists in this field by 65% by the end of 2023, hence, attract more electronic design centers and scale up exports.
According to Ookla Speedtest, Egypt has ranked first so far this year in terms of having the fastest fixed broadband internet in Africa with an average fixed internet speed of 45 megabytes per second (Mbps), Talaat said.
The minister’s remarks came during his meeting with members of the American Chamber of Commerce in Egypt (AmCham Egypt).
In related news, Talaat probed cooperation between Egypt and the US in several fields, including digital transformation, digital capacity building, data centers, outsources, and postal services, with the US’ Under Secretary of Commerce for International Trade Marisa Lago.
They also discussed cooperation in the areas of industry 4.0, latest technologies’ regulatory frameworks, and opportunities to lure American small and medium-sized enterprises (SMEs) to invest in Egypt, along with technical and scientific cooperation with US-based research and development centers in artificial intelligence (AI) projects.
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