Egypt's digital exports to hit $5.5 bln in FY2022/23

The surge in Egypt's digital exports is the result of the opening of local outsourcing centres by US and Indian technology giants in Egypt, Talaat added in an interview with the Information and Decision Support Centre (IDSC).

In December 2022, Egypt signed 29 agreements with international companies, including IBM, Amazon, Microsoft and Dell Technologies to build outsourcing centres in the country, which was expected to add $1 billion to Egypt's digital exports by 2025 and create more than 34,000 jobs.

Furthermore, Talaat revealed that the telecommunications sector's contribution to Egypt's GDP rose to over five percent in FY2022/2023, slightly higher than the level seen in FY2021/2022.

The minister said $2 billion has been invested to upgrade internet services in Egypt, bringing the fixed internet speed to 47 megabits per second (Mbps) in 2023 from 5.6 Mbps in 2019.

Last October, Talaat announced that Egypt invested EGP 50 billion in digital transformation projects.