Egypt Aims For $9bn Worth Outsourcing Services Exports By 2026

Egypt's Prime Minister Mostafa Madbouly visited the Smart Village to meet with five of the largest international companies in the information technology and outsourcing services sector. The visit underlines the government's ardent advocacy for foreign direct investment (FDI) in the country and its ongoing efforts to stimulate the export sector and advance the outsourcing and cross-border information technology industry. The minister added that these efforts will aid in escalating the growth of the knowledge economy, increasing the exports of IT products and services, and creating more job opportunities for Egyptian youth. The minister also mentioned that there are numerous competitive advantages Egypt can provide in this field. These include a wealth of technical skills, young talents, multilingual abilities, competitive operating costs, a conducive business environment, and substantial governmental support. Ahmed El-Zaher, CEO of the Information Technology Industry Development Agency, indicated that these companies provide export services of around $770 million annually, with a value-added of over 90% in the outsourcing industry. The projected aim for Egypt is to reach 550,000 specialists and export revenues of $9bn by 2026. This venture is expected to lead to the creation of about 9,400 additional job opportunities.