CAIRO: Technology company Hewlett-Packard opened Tuesday a new office building in Egypt's Smart Village, as executives reaffirmed their commitment to the country's information and communication technology sector. “The opening of the new HP building is a clear indication that foreign direct investments are here to stay and that Egypt is poised for a more prosperous economic future,” Yasser Elkady, CEO of Egypt's Information Technology Industry Development Agency (ITIDA), told Daily News Egypt. The launching of the new office building came shortly after ITIDA signed a Memorandum of Understanding (MoU) with HP during the Cairo ICT conference, which took place at the end of May. By launching this accord, HP plans to increase Egyptian hardware companies' competitive advantages and provide “world-class training,” according to a statement. “HP has already signed an MoU a couple of weeks ago to train Egyptian hardware companies. Coupling the MoU with the new building sends a strong message that multinational companies do appreciate the competitive advantages of the country and its talent pool,” Elkady told DNE. The agreement also aims to provide key skills to local employees in the wider talent pool and increase their “footprint” in local and regional markets while assisting Egyptian companies in training overall to help boost their businesses. “Egypt continues to prove its appeal as a leading outsourcing destination, with substantial commitments from multinationals pledging continued support as the country moves forward,” the statement said. Accompanied with the signing of the MoU at the ICT, Cisco announced a $10 million investment to “seed a sustainable model of job creation and economic development in Egypt.” “The Egyptian government recognizes that properly functioning telecoms and IT infrastructure is essential for attracting foreign investment and enabling the private sector and government to function more efficiently,” said Magued Osman, minister of communications and information technology, said in the statement. “The government's aim is for Egypt to become an IT hub, providing IT-assisted teleservices to foreign companies,” Osman added. ITIDA sees these new collaborations as a step forward for Egypt's IT sector. “We welcome these new developments and we aspire for more FDI to invest in Egypt in the near future,” said Elkady. Osman, who was present at meetings with the delegation of US business executives that visited Egypt last week to explore investment opportunities, said the ICT industry in Egypt's share of the national GDP grew to 4 percent this year from 2.4 percent three years ago. He added that the sector is positioned to be the “real motor of the Egyptian economy.” Also at Cairo ICT, Motorola Solutions Inc. also announced that they would establish an office for the Middle East and North Africa (MENA) region in Cairo. According to the statement, “the strategic expansion in Egypt will help Motorola deliver its leading mission critical communication products and services directly to Egyptian customers but also to many other customers outside of the country as the Cairo base of operations becomes established as the newest Regional Engineering Center.”
