ITIDA: The ICT sector achieves an annual growth rate of 16%

Eng Amr Mahfouz, CEO of the Information Technology Industry Development Agency (ITIDA), today participated in the opening of the activities of the eighth edition of the Techni Summit on Technology and Entrepreneurship 2022, held at the National Museum of Egyptian Civilization . , under the auspices of the Ministry of Communications and Information Technology and the Information Technology Industry Development Agency (ITIDA). In the presence of Jonathan Cohen, Ambassador of the United States of America to the Arab Republic of Egypt.

The summit will address a number of topics related to investing in youth skills development as a fuel for the entrepreneurship sector and a factor in the sustainability of start-ups, as well as the growth of a culture of construction projects and companies in the Middle East. -East and North. Africa with the aim of developing beginners and helping them thrive and grow..

Eng Amr Mahfouz said in his opening speech to the summit that the Ministry of Communications and Information Technology attaches great importance to the technological innovation and entrepreneurship sector, as it is the cornerstone and one of the pillars of the Ministry of Communications and Information Technology’s strategy and a main axis in the government’s work strategy.

He said the communications and information technology sector was achieving an annual growth rate of 16%, and its growth rates were expected to rise as a result of the country’s efforts to bring about digital transformation and increase confidence in digital services after the Corona pandemic, which also contributed. to the increase in the demand for digital skills..

Mahfouz explained that the government has so far trained more than 180,000 young men and women in various skills, whether technical, self-employed, or soft and basic skills in the labor market, through the “Our Digital Future” initiative. Where the government introduced the second version of it after adding a number of technological disciplines at different levels in the areas of website design and development, data analysis, cloud computing, machine learning and programming and complementary languages ​​for website development, including a methodology Responddigital marketing.

Mahfouz noted that the Ministry of Communications and Information Technology is investing heavily in the human element and the skills development axis, with more than one billion and one hundred million pounds to meet the growing need and demand for digital skills and language skills to keep up with the requirements of the changing labor market in various fields of information technology and to improve the export capabilities of the Egyptian information technology sector..

Regarding the performance of the entrepreneurship sector in Egypt, the CEO of the government emphasized that the start-up sector has seen prosperity and steady growth in recent years, due to the spread of entrepreneurial thinking and the inflow of foreign capital through financing and investment transactions, and note that Egypt is distinguished from other countries by In terms of the percentage of foreign investment in emerging companies, where the percentage of foreign investors in Egyptian start-ups represents 77%, reflecting the confidence of foreign investors and global venture capital funds. in the climate of entrepreneurship and Egyptian emerging technology companies..

On the sidelines of the summit, the government organized a special session on the investment landscape in the start-up sector in Egypt, in the presence of a group of investors and officials from regional and international investment funds..

Mahfouz pointed out that the government has developed and formulated a comprehensive five-year strategy in collaboration with Deloitte and with funding from the US International Development Agency. YOU SAID This strategy is based on four main axes: improving the working environment for start-up companies and developing their growth factors, facilitating access to finance and investment, developing technical skills and increasing the number of professionals to facilitate access to them, while creating an environment that stimulates the growth of pioneering work and innovative thinking, and ultimately facilitates penetration into global markets through an international promotion and marketing plan.

Mahfouz said: “Together with a number of partners, we are conducting a study to identify the barriers facing start-up investment, and we will soon be announcing a package of measures that will address the shortcomings in this system and will help facilitate procedures for the founders of start-ups and regulate their relationship with investors. “. “

The agenda of the summit includes a number of opportunities highlighting growth opportunities in this promising sector, as well as the challenges and obstacles that start-up founders and entrepreneurs face in the stages of growth and investment. A large number of officials, investors, entrepreneurs and experts in the fields of technology, innovation and entrepreneurship will attend the summit. And investment funds, with the participation of a number of state and private agencies, technology incubators and business accelerators.

The government is working to improve and promote Egypt’s regional and international position worldwide by encouraging and attracting more investment funds, capital and financing in Egyptian start – ups and helping them to penetrate markets and create an environment that conducive to innovation and access to emerging companies outside Cairo, most of which are currently concentrated at a rate of close to 93%, through a project to promote Egypt’s digital creativity centers in universities and at the various governance levels of the To spread republic.

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