Egypt Plans to Raise Outsourcing Exports to $9 Bln By 2026Source: www.export-egypt.com 7/9/2024, Location: Africa |
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Egypt plans to expand outsourcing service exports to $9 billion by 2026, the cabinet said in a statement, citing a report released by the Information and Decision Support Centre (IDSC).
The IDSC report entitled “Outsourcing Industry in Egypt” mentioned that the outsourcing service industry grew at a rate of 54.2 percent in FY2022/2023, recording $3.7 billion as an added value compared with $2.4 billion in FY2021/2022. According to the report, the number of outsourcing services centres in Egypt increased by 24.4 percent and the number of companies working in the field increased by 25 percent in the same period. The report highlighted that Egypt is one of the most important destinations providing outsourcing and cross-border information technology services entrusted to the Ministry of Communications and Information Technology. Egypt was able to attract multiple international companies to establish branches therein due to its unique features, like digital and linguistic human expertise and complementary infrastructure, the report stated. The report indicated that during FY2022/2023 the added value of the information technology sector in Egypt amounted to EGP 275.5 billion, compared to EGP 209.5 billion for FY2021/2022, with a growth rate of 31.5 percent. The report indicated the outsourcing industry as one of the main strategies of the Ministry of Communications and Information Technology. This industry is to expand into foreign markets and increase Egypt’s digital export revenues threefold at a compound annual growth rate of 19 percent during 2022-2026, the report explained. Digital exports The report also indicated that the value of Egypt’s digital exports reached $6.2 billion during FY2022/2023, compared to $4.9 billion during FY2021/2022, demonstrating a 26.5 percent growth. The areas of digital exports include outsourcing services to companies such as human resources services and call centre services, in addition to software development and technical support services and integrated systems and electronic circuits design. As per the report, the investments in communications and information technology amounted to EGP 83.3 billion in FY2022/2023 compared to about EGP 56 billion a year before with a growth rate of 48.8 percent. The private sector contribution amounted to 63 percent of the total investments in that sector, the report added. |
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