CAIRO: Egypt's information and technology sector continues to show it can be a major player on the global stage, boosting its investment in the area noticeably in the past decade. The country's Information Technology Industry Development Agency (ITIDA) said that the expect outsourcing to continue to bolster the IT sector and make investment for foreign companies easier. With reported growth in IT last year at 11.3 percent and a number of major international corporations setting up shop in Egypt, the country remains one of the fastest growing destinations anywhere. In 2009, Sykes Enterprise and Stream Global Services made large investments in the country. The ministry of communications and information technology said that ITIDA has signed a Memorandum of Understanding with Intel Corporation to “further boost the potential of Egyptian information and communications technology (ICT) companies” via Intel's technical background and expertise. “We aim to improve Egypt's potential as an outsourcing destination to be able to compete with other locations on what we can offer, develop and have the ability to be the leading destination for these major IT firms,” said a spokesman from the ministry. The confidence comes on the back of Communications Minister Tarek Kamel's statements in late March, where he said Egypt hopes to generate some $2 billion in revenue by 2013 and $10 billion in 10 years. That is good news for potential investors, who have been moving into the North African nation with an eye on further expansion into Africa and Asia. It is a win-win situation the ministry says, with little doubt “that we can continue to make Cairo and Egypt top destinations.” It believes the industry can earn the country some $1.1 billion this year, Kamel said, after meeting employees at a newly opened 1,000-seat call center. Little over a decade ago, Egypt did not even have a ministry of communications and technology. The ministry was established in October 1999 and headed by current Prime Minister Ahmed Nazif, who believed this sector could become one of the most lucrative in the country if developed properly. The telecom industry represents an estimated four percent of the country's GDP; Egypt's technology exports have reached $250 million annually. Egypt's sales pitch is based on its status as one of the Arab world's largest and fastest growing markets. BM
