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Egypt’s communication, information technology sector eyes EGP 67bn investments under FY22/23 plan

Egypt’s communication, information technology sector eyes EGP 67bn investments under FY22/23 plan
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Cairo – Mubasher: The Egyptian Ministry of Planning and Economic Development issued a report revealing the goals and investments of the communication and information technology (CIT) sector under the fiscal year (FY) 2022/2023 plan.

Egypt's Minister of Planning, Hala El-said, noted that Egypt targets EGP 67.10 billion worth of investments in the CIT sector under the FY22/23 plan.

This represents a 15% increase when compared to expected investments of EGP 58.20 billion at the end of FY21/22. Investments in the CIT sector account for 5% of the total investments of the plan.

The production of the CIT sector is forecast to hike by more than 20% in the FY22/23 plan based on current prices and is likely to grow by 14.30% at fixed prices. The sector’s contribution to gross domestic product (GDP) is projected to rise by 21% at current prices and by 14.40% at fixed prices.

The strategic goals of the CIT sector include raising its contribution to GDP from 2.50% to 5% within two years and increasing the sector’s exports of outsourcing services and digital products to over $6 billion in FY22/23, compared to $3.50 billion in FY21/22.

In FY20/21, the sector’s growth reached 16%, compared to 15.20% in FY19/20, whilst digital exports jumped to $4.50 billion from $4.10 billion.