Cairo – October 12, 2023: Prime Minister Mostafa Madbouly inspected five major global companies working in exporting IT and outsourcing services as part of promoting foreign direct investment in Egypt, the pursuit of boosting the growth of export sectors, the development of the industry and cross-border IT services.
The PM emphasized that the government is devoting more attention to promoting direct foreign investment in Egypt while touring several companies located at Cairo’s Smart Village on Thursday, visiting the office buildings of Pixelogic Media, Concentrix, Valeo, Vodafone, and Sitec Information Technology.
Madbouly was accompanied by Minister of Communications and Information Technology (MCIT) Amr Talaat, and CEO of the Information Technology Industry Development Agency (ITIDA) Ahmed Al Zaher, as well as a number of officials and leaders from the Ministry of Communication and Information Technology.
The companies visited are operated by around 26,000 specialists in the field of exporting outsourcing services to clients of these companies around the world, MCT minister Talaat explained during the tour.
Talaat added that the industry has received unprecedented support from the Egyptian government as it aims to boost Egypt's competitiveness in the fields of research, development, and value-added services, contributing to doubling the exports of IT products and services.
Through Egypt’s efforts and support, industry export returns are estimated to reach up to $9 billion in 2026, and will open up thousands of job opportunities for Egyptians, Talaat added.
The MCITMin stressed on Egypt’s positioning and competitive advantage within the outsourcing field, highlighting the country’s extensive talent pool of technically skilled and multilingual Egyptians, competitive operating costs, attractive business environment, and governmental support.
He added that this has boosted foreign investments into the sector, as well as contributed to the growth and expansion of local and international companies in Egypt.
Ahmed El-Zaher, CEO of the Information Technology Industry Development Agency, said that these companies generate export services of around $770 million annually, with a value-added of more than 90% in the outsourcing industry. He said that these services are expected to increase to more than $1 billion annually, as these companies plan to add about 9,400 additional job opportunities in their centers in Egypt.
El-Zaher explained that these five companies are among 29 international companies that signed agreements with the Information Technology Industry Development Agency last November, in the presence of Madbouly, to open their headquarters in Egypt or increase their investments by expanding their centers’ operations in the Egyptian market. These new agreements and contracts aim to provide about 34,000 new job opportunities for Egyptian youth to serve various global markets through 35 centers for these companies that export services to their clients and markets from Egypt.