Egypt's information and communications technology fuels economic growth - Business Intelligence Middle East - bi-me.com - News, analysis, reports

Egypt's information and communications technology fuels economic growth - Business Intelligence Middle East - bi-me.com - News, analysis, reports


EGYPT. Egypt's economy grew by 5.8% in the first quarter of 2010, accelerated by the 11.3% growth of its ICT industry.

Reports by the Economic Development Minister revealed the growth was at its fastest pace in almost two years and is expected to hit as high as 5.3% in the fiscal year ending June, up from 4.7% in the previous year.

Egypt remains one of the world's fastest growing outsourcing destinations and has seen huge investments in the last year with companies including Sykes Enterprise and Stream Global Services.

ITIDA has also signed an Memorandum of Understanding (MoU) with Intel Corp to further boost the potential of Egyptian information and communication technology (ICT) companies by using Intel's technical expertise to improve their potential and develop products and technical solutions.

Commenting on the growth of the sector, 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.