US technology services company Concentrix has signed on Tuesday a memorandum of understanding (MoU) with the Egyptian government to expand its operations by investing $ billion in the country. The new investment is expected to create 16,000 new jobs, increasing the company's workforce in Egypt to 35,000 by 2028. The signing ceremony was attended by Prime Minister Moustafa Madbouly, and key figures from both the Information Technology Industry Development Agency (ITIDA) and Concentrix. The agreement aims to drive growth in Egypt's outsourcing industry by enhancing Concentrix's ability to export services while providing substantial employment opportunities. Prime Minister Madbouly hailed the investment as a reflection of Egypt's growing status as a prime destination for global outsourcing, bolstered by the country's skilled workforce and supportive government policies. This expansion showcases Egypt's competitiveness in the global outsourcing market, the prime minister said. This is the largest expansion in Egypt's outsourcing sector to date, strengthening the industry's role in the country's economic development, said Minister of Communications and Information Technology Amr Talaat. Concentrix, which currently operates 11 centers across Egypt, provides services in 12 languages to global clients. CEO Christopher Caldwell expressed confidence in Egypt's ability to support the company's growth, citing its strategic location, young talent pool, and stable economic environment as key advantages. The company's CEO in Egypt, Amr Sobhy confirmed the company's expansion plans would include new centres in Mansoura, further solidifying Concentrix's commitment to local growth and job creation. Founded in 2003, Concentrix operates in over 70 countries, employing more than 440,000 people worldwide. The company's $9.6 billion in revenue for 2024 reflects its prominent position in the global outsourcing market. Earlier the day, President Abdel Fattah El-Sisi met with Caldwell, commending Concentrix's expansion plans that align with the country's ambitious goal of becoming a global hub for digital services, fostering economic growth, and creating new job opportunities for Egyptians. Attribution: Amwal Al Ghad English
