IDSC Report Reveals Significant Growth In Outsourcing Industry
The report reveals that the Ministry of Communications and Information Technology intends to grow the industry by 300% by 2026.
A recent report by the Egyptian Information and Decision Support Centre (IDSC) titled ‘Outsourcing Industry in Egypt’ comments on the growth of the outsourcing service industry in the fiscal year of 2022/23 at a rate of 54.2%. This signifies an added value of USD 3.7 billion, in comparison to an added value of USD 2.4 billion in the fiscal year of 2021/22.
According to the report, the number of outsourcing service centres in Egypt rose by 24.4% in the same period, and the number of companies working in the field increased by 25%.
Egypt’s role as one of the most important destinations providing outsourcing and cross-border information technology services affiliated was underscored by this report. According to the research, a primary reason for Egypt’s success in this field is due to the country’s unique features like digital and linguistic human expertise, as well as complementary infrastructure.
During the fiscal year of 2022/23, the added value of the information technology sector in Egypt amounted to EGP 275.5 billion, compared to EGP 209.5 billion in 2021/22, showing a growth of 31.5%. The report showed that the outsourcing industry was one of the main tools used by the Ministry of Communications and Information Technology to precipitate this growth.
The Ministry plans to expand the industry into foreign markets and increase Egypt’s digital export revenues threefold, at a compound annual rate of 19% between 2022 and 2026. The standing value of digital exports is USD 6.2 billion, compared to USD 4.9 billion the previous fiscal year, demonstrating a growth of 26.5%.
The investments in communications and information technology amounted to EGP 83.8 billion in 2022/23, compared to EGP 56 billion the previous year, showing a growth rate of 48.8%. The private sector contribution was equal to 63% of all investment in that sector.
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