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ICT sector helps Egypt grow 5.8% in first quarter

The 11.3 per cent growth achieved by the information and communications technology (ICT) sector helped Egypt grow 5.8 per cent in the first quarter of this year.

Egypt's Economic Development Department revealed the growth was at its fastest pace in almost two years and is expected to hit as high as 5.3 percent in the fiscal year ending June, up from 4.7 percent in the previous year.

Egypt is a major outsourcing destination in the Middle East and has seen huge investments by companies like Sykes Enterprise and Stream Global Services last year. Egypt's Information Technology Industry Development Agency ( ITIDA ) has also signed a Memorandum of Understanding (MoU) with Intel Corp to use Intel 's technical expertise to develop products and technical solutions.

Dr Hazem Abdelazim, CEO of the Egypt's Information Technology Industry Development Agency , said: "We have had a positive start to the year with new companies investing and local companies developing and expanding their capabilities and services. We are confident that the sector will continue to grow during the remainder of 2010 and that we will see more multinational companies expanding and outsourcing their business to Egypt."

Egypt continues to invest in its infrastructure, intellectual property and piracy. In the 2009 Business Software Alliance and IDC Global PC Software Piracy Study published last week, Egypt's piracy rating stayed at 59 per cent for the second year, despite overall global levels rising in 2009.

"Reducing piracy continues to be a challenge for the sector globally. Our rate remains lower than some other destinations," said Abdelazim.

The 11.3 per cent growth achieved by the information and communications technology (ICT) sector helped Egypt grow 5.8 per cent in the first quarter of this year.

Egypt's Economic Development Department revealed the growth was at its fastest pace in almost two years and is expected to hit as high as 5.3 percent in the fiscal year ending June, up from 4.7 percent in the previous year.

Egypt is a major outsourcing destination in the Middle East and has seen huge investments by companies like Sykes Enterprise and Stream Global Services last year. Egypt's Information Technology Industry Development Agency ( ITIDA ) has also signed a Memorandum of Understanding (MoU) with Intel Corp to use Intel 's technical expertise to develop products and technical solutions.

Dr Hazem Abdelazim, CEO of the Egypt's Information Technology Industry Development Agency , said: "We have had a positive start to the year with new companies investing and local companies developing and expanding their capabilities and services. We are confident that the sector will continue to grow during the remainder of 2010 and that we will see more multinational companies expanding and outsourcing their business to Egypt."

Egypt continues to invest in its infrastructure, intellectual property and piracy. In the 2009 Business Software Alliance and IDC Global PC Software Piracy Study published last week, Egypt's piracy rating stayed at 59 per cent for the second year, despite overall global levels rising in 2009.

"Reducing piracy continues to be a challenge for the sector globally. Our rate remains lower than some other destinations," said Abdelazim.

By Staff Writer

© Emirates Business 24/7 2010