An employee counts money at an exchange office in downtown Cairo (Photo credit: Reuters/Amr Abdallah Dalsh)
CAIRO - 24 October 2022: Telecommunications and Information Technology Minister Amr Talaat said on Monday Egypt invested LE 50 billion in digital transformation projects and aims to increase the information and communications technology sector exports.
Speaking during a panel discussion on maximizing high-tech exports, held as part of the Egyptian Economic Conference, Talaat pointed out to an increase in the ICT sector's budget in the current fiscal year by 22.6 percent compared to the previous fiscal year, saying the sector's growth rate was 16.3 percent in FY 2021/22, making it the most growing sector in Egypt’s business market.
Talaat noted that the ICT Ministry expanded the technological innovation centers to reach 30 across the country with a total investment of LE 4.2 billion.
The minister also mentioned that digital exports hiked to record $4.9 billion in FY 2021/22, compared to $3.6 billion recorded in FY 2018/2019.
Foreign investments in start-ups operating in the ICT sector doubled from $190 million in 2020 to $490 million in 2021, he said.
He added that the ministry is also training 225,000 people in the current fiscal year with a budget of LE 1.3 billion.
The session touched on key challenges that the sector faces, including brain drain, the gap between the graduates' skills and labor market needs and the lack of necessary skills in the research and development fields.