Egypt’s tech exports soar in 2022/23

Egypt’s tech exports reached $6.2 billion in the fiscal year 2022/23, a significant increase from $4.9 billion in 2021/22.

According to an Information and Decision Support Centre (IDSC) report, Egypt maintains a top status as an outsourcing destination. The report highlighted the IT sector’s added value, which rose to 275.5 billion Egyptian pounds in 2022/23, marking a 31.5 per cent growth from 209.5 billion Egyptian pounds in 2021/22. Various laws and regulations support this growth by fostering a conducive business environment.

Investment in the communications and IT sector reached 83.3 billion Egyptian pounds for the fiscal year 2023/24, compared to 56 billion Egyptian pounds in 2022/23, reflecting a 48.8 per cent growth. Moreover, private sector investments amounted to 52.3 billion Egyptian pounds, representing 63 per cent of the total, while public sector investments at 31 billion Egyptian pounds, or 37 per cent.

Furthermore, the Digital Egypt Strategy for Offshoring Industry 2022-2026 targets tripling digital export revenues by 2026, creating 215,000 jobs, and establishing a global presence in digital services.

The number of outsourcing service centres increased to 199 in 2022/23 from 160 in 2021/20, while companies in the sector rose to 185 from 148. Initiatives like Egypt FWD aim to grow freelance professionals from 80,000 in 2022 to 220,000 by 2026. Egypt aims to achieve $9 billion in outsourcing service exports by 2026.

Attribution: Cabinet