Brigitta Bihari The World Governments Summit 2024
The World Governments Summit 2024 took place in February in Dubai, United Arab Emirates. H.E. Dr. Amr Talaat, Egypt’s Minister of Communications and Information Technology, highlighted The Ministry of Communications and Information Technology (MCIT) and Information Technology Industry Development Agency (ITIDA)’s guidance, which resulted in a notable expansion of the talent pool and a robust focus on fostering entrepreneurship. These factors propelled Egypt’s ICT sector from contributing 3.2% to the GDP in 2019 to an impressive 5.5% in 2024, with aspirations to reach 8% shortly.
Egypt strategizes on capacity building and entrepreneurship to become a premier offshoring destination for global businesses. Capacity building has attracted leading companies to the ICT sector and aims to integrate Egyptian youth more fully into the domestic and international labor markets. Entrepreneurship is also pivotal in driving economic growth, marking it as a critical strategy for boosting the country’s GDP through innovation and commitment.
Tech Startups Drive Export Growth
According to ITIDA, 66 startups specializing in embedded systems and semiconductors have achieved remarkable success in Egypt, generating exports worth $500 million annually. These companies, employing around 8,000 individuals, are part of a broader ecosystem valued at $8.3 billion, with last year’s funding reaching $500 million. This success story of Egypt’s tech startups underscores the country’s potential as a premier offshoring destination, instilling confidence in global businesses and investors.
The conference on the role of information technology in Egypt’s state sectors, provided a platform for discussing these achievements. Dr. Hossam Osman, advisor to the Minister of Communications and Information Technology for Technological Innovation, highlighted the significant impact of the ‘Our Digital Future’ initiative, which has successfully trained 35.4 thousand freelancers, contributing $176.5 million annually to the economy. This initiative, a testament to Egypt’s commitment to digital transformation, is set to further enhance the country’s position as a premier offshoring destination.
