Egypt invested EGP 50 bln in digital transformation projects: Minister

MENA , Monday 24 Oct 2022

Minister of​ Telecommunications and Information Technology Amr Talaat said on Monday Egypt invested EGP 50 billion in digital transformation projects and aims to increase information and communications technology sector exports.

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Speaking during a panel discussion on maximising high-tech exports, held as part of the Economic Conference 2022, Talaat pointed out an increase in the ICT sector's budget in the current fiscal year by 22.6 percent compared to the previous fiscal year.

He said the sector grew by 16.3 percent in FY 2021/22, making it the highest growing sector in Egypt’s business market.

Talaat noted that the Ministry of Telecommunications and Information technology has  increased the number of technological innovation centres across the country to 30, with a total investment of EGP 4.2 billion.

The minister also mentioned that digital exports increased, recording $4.9 billion in FY 2021/22, compared to $3.6 billion recorded in FY 2018/2019.

Foreign investments in start-ups operating in the ICT sector doubled from $190 million in 2020 to $490 million in 2021, he said.

He added that the ministry is also training 225,000 people during the current fiscal year, with a budget of EGP 1.3 billion.

The session discussed key challenges that the sector faces, including brain drain, the gap between graduates' skills and labor market needs and the lack of necessary skills in the fields of research and development. 

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