(3Minutes Read)
Egypt’s digital exports amounted to USD 6.2 billion during FY 2022- 23, compared to USD 4.9 billion in FY 2021-22, an increase of 26.5%, according to a report released by the Information and Decision Support Center (IDSC) and was reviewed by Prime Minister, Mostafa Madbouly.
Egypt’s digital exports amounted to USD 6.2 billion during FY 2022- 23, compared to USD 4.9 billion in FY 2021-22, an increase of 26.5%, according to a report released by the Information and Decision Support Center (IDSC) and was reviewed by Prime Minister, Mostafa Madbouly. During FY 2022-23, the added value of the information technology sector in Egypt amounted to EGP 275.5 billion, compared to EGP 209.5 billion for FY 2021-22, with a growth rate of 31.5%. The report added that the growth rate of the outsourcing services sector in Egypt reached 54.2% in the fiscal year 2022-23, recording an added value to the sector of about USD 3.7 billion, compared to USD 2.4 billion in FY 2021-22. Egypt aims to reach the value of outsourcing export services to USD 9 billion by 2026.
Egypt is bound to become a global center for outsourcing services, through Egypt’s Digital Strategy for the Outsourcing Industry 2022-26. This strategy aims to increase Egypt’s digital export revenues three-fold at a compound annual growth rate of 19% during the period 2022-26. The report also pointed out that outsourcing services centers in Egypt reached 199 centers during FY 2022-23, compared to 160 centers in FY 2021-20, an increase of 24.4%.
The number of companies working in the field of outsourcing services registered about 185 companies in the year. 2022-23, compared to 148 companies in 2021-22, an increase of 25%.
Egypt allocated investment to the communications and information technology sector amounted to EGP 83.3 billion in the plan for FY 2023-24, compared to about EGP 56 billion in FY 2022-23, with a growth rate of 48.8%.
The private sector investments in this field exceeded about EGP 52.3 billion, equivalent to 63% of the total, compared to EGP 31 billion in public investments, representing 37% of the total. Egypt signed 74 agreements with international and local companies, to expand the establishment of 85 outsourcing centers, and to appoint 60,000 outsourcing specialists since November 2022.
Read Also:
https://trendsnafrica.com/eu-to-support-egypts-business-outsourcing-programs/
https://trendsnafrica.com/egypts-itida-signs-agreement-with-maf-to-establish-shared-services/
In recent years, Egypt has emerged as a promising destination for Business Process Outsourcing (BPO) services. With its strategic location, skilled workforce, and favorable business environment, the country has attracted numerous international companies seeking to optimize their operations and enhance cost-efficiency.
One of the primary advantages of outsourcing business processes to Egypt is the cost-effectiveness it offers. Egypt possesses a large pool of talented professionals who are well-versed in various business domains. The country’s education system emphasizes language skills, resulting in a proficient English-speaking workforce. Many Egyptians are also bilingual or multilingual, with proficiency in languages like French, German, and Arabic. This linguistic diversity enables companies to target a wide range of international markets effectively.
