Egypt provides extra export incentives for Local IT companies
IT exports are getting a shot in the arm with export incentives from ITIDA’s annual Export IT program. The program is designed to encourage local IT companies to boost exports, secure their position in existing markets, and increase market penetration capabilities, according to a press release.
Companies eligible for the program will receive direct monetary subsidies of up to 20 percent of value-added exports based on the company size, capped at 3 million Egyptian pounds for companies operating in new tech parks and 2.5 million pounds for everyone else.
Additional incentives will be offered to companies exporting e-commerce, e-gaming, or e-design services, new entrants to the program, and companies operating in governorates other than Cairo, Giza, and Alexandria.
CEO of ITIDA, Amr Mahfouz highlighted that the export incentive package is to encourage the local companies to boost exports, secure its position in existing markets, and increase market penetration capabilities.
Mahfouz underlined that the approved stimulus comes as part of ITIDA’s relief plan to curb the economic impact of COVID-19 and ensures more aid for small businesses and local IT companies.