Working on becoming an attractive hub for foreign investments, Egypt offers a variety of incentives and advantages for investors; CEO of Egypt’s Information Technology Industry Development Agency (ITIDA), Amr Mahfouz, reviews three reasons why investors would prefer Egypt to invest in.
Mahfouz told the Polish-English business magazine, Focus on Business, that the first and the highly positioned reason is Egypt’s unique position at the nexus of Europe, Africa, and the Middle East. It is considered a nearshore location to Europe and it shares an Eastern European Time (EET) zone.
“Second, Egypt is home to a large multilingual cost-competitive talent pool of +600k annual graduates; Egypt is therefore strongly pivoted to serve the EMEA region due to the availability and abundance of multilingual skills, time zone, and cultural affinity,” he added.
According to Mafhouz, the third reason is that Egypt offers a set of attractive incentives to foreign investors provided through the entire business lifecycle, aiming at tripling the size of Egypt’s BPO and ITO exports over the next five years.
He pointed out that Egypt has long been an attractive GBS location for multinationals with its large, well-educated talent pool, strategic location, European time zone, and reliable infrastructure. Amid the current global situation where the supply chain of many industries is being disrupted and reshaped, and hence the IT offshoring is not an exception.
“We firmly believe that this time for Egypt to have its fair share of the global business services market while emerging as an economic powerhouse in the region, enabled by the recent structural reforms and Egypt Vision 2030 national agenda,” he added.
ITIDA’s CEO stated that many businesses are diversifying their operations and delivery location portfolio where we see Egypt is very well positioned to cater for the global demand and bridge the digital skills gap and global shortage of talent.
This came during his interview with the English-Polish magazine where he discussed the Information and Communications Technology (ICT) sector in Egypt and steps taken by Egypt to become the next big hub for digital and high-end services.