Sat, 25 Nov 2023 - 04:47 GMT
Sat, 25 Nov 2023 - 04:47 GMT
Egypt's global standing continues to soar, garnering recognition from leading consultancy firms and organizations. A remarkable achievement sees Egypt climb from 11th to third place in just a year on the 2023 Offshore BPO Confidence Index, as evaluated by Ryan Strategic Advisory.
The Offshore BPO Confidence Index 2023 report provides insights into operations across key global outsourcing locations. Drawing on experiences from the front lines of third-party CX delivery, the report offers a comprehensive assessment of 17 vibrant outsourcing jurisdictions, as reported by BPO operational leaders and country managers.
The evaluation covers seven categories: Local Labor Market, Infrastructure, Commercial Property, BPO Ecosystem, Political Stability, Public Security, and Economic Stability. Egypt excels across all seven categories, earning an impressive Confidence Rating of 83.8%.
Industry experts within the report commend Egypt for its multilingual talents and business-friendly economic climate. Positioned at the crossroads of Europe, the Middle East, and Africa, Egypt boasts a unique geographical advantage. Combined with its cutting-edge tech infrastructure and robust government support for the BPO industry, this reinforces global confidence in Egypt's potential.
The report underscores Egypt's commitment to technology and digital transformation, citing infrastructure upgrades like marine cable projects and a noticeable uptick in technological adoption, positioning Egypt strongly in the global landscape.
Government initiatives for language and soft skills enhancement for public education graduates, catering to offshore clients, are highlighted in the report. Egypt's digital infrastructure also receives praise, recognized by BPO leaders as a welcoming and favorable environment for business visitors.
Acknowledging the efforts of the Information Technology Industry Development Agency (ITIDA) in advocating for favorable regulations, the report notes government plans to intensify efforts in promoting Egypt as a preferred offshoring destination.
Commenting on Egypt's BPO sector, a leading provider notes, "With its accelerated growth, rapid tech adoption, and world-class, diverse talent, Egypt's BPO sector is now a powerful driver of future economic expansion and employment opportunities." Major companies are increasingly eager to expand their presence in Egypt, drawn by attractive incentives.
For almost two decades, Egypt has been recognized as one of the leading outsourcing destinations remained at the forefront of outsourced CX delivery for enterprise clients from North America and the EMEA region. The country is already home to a long list of multinational companies that are drawing on the country’s value proposition as a favorable hub for global delivery operations.
The continued government support, the resilience of Egypt’s BPO ecosystem have pushed the industry to new heights as digital exports grew from $4.5 billion in 2022 to $4.9 billion in 2023. The country aims to double its export revenue from the outsourcing sector to reach up to $ 9 billion in 2026 and add more than 200,000 direct export job opportunities for its youth in the outsourcing field.
As the BPO and IT services sectors maintain steady growth in Egypt, there's a shift towards high-value services. Notably, both global and local tech players are capitalizing on the wealth of local engineering talent, particularly in areas such as semiconductors and IC design, embedded systems, and automotive software.