Egypt’s digital exports hit $4.9 bln in FY2021/22; start-ups attracted $490 mln in investments

Ahram Online , Tuesday 26 Jul 2022

Egypt’s digital services exports hit $4.9 billion in FY2021/22, Minister of Communications and Information Technology Amr Talaat announced during an event in Cairo on Tuesday.

 Amr Talaat
Minister of Communications and Information Technology Amr Talaat speaks during the Egyptian Lebanese Businessmen Friendship Association (ELBA) that was held in Cairo on Tuesday 26 July 2022 (Photo: Ministry of Communications and Information Technology)

 

The minister added that the Egyptian information and communications technology sector achieved a growth rate of around 16.7 percent in FY2021/22.

Furthermore, Egyptian start-ups attracted $490 million in foreign investments, up from $190 million in 2020, the minister said while addressing the Egyptian Lebanese Businessmen Friendship Association (ELBA).

He noted that the country seeks to up foreign investments in start-ups to $850 million during the current FY2022/23.

Egypt is paying special attention to its digital transformation, as it targets the digitisation of all government services countrywide as part of its 2030 Vision.

Moreover, Talaat said Egypt seeks to achieve sustainable development through digitisation, providing highly efficient and stable communications services, and providing digital job opportunities for youths.

Consequently, the government has linked all government databases in order allow government bodies to exchange data and provide different services to citizens through one outlet.

As part of the strategy, Egyptian President Abdel-Fattah El-Sisi inaugurated the Digital Egypt Platform, which comprises over 130 e-services.

The country has also carried out a handful of digital transformation-related ventures with an overall investment value of EGP 15 billion, the minister added.

These projects included the automation of the Agricultural Tenure System — which includes all agricultural land owners — as well as automating the country’s health insurance system, developing a remote system for litigation procedures, and automating the real estate licensing system. 

Currently, the communication ministry — alongside the Ministry of Tourism and Antiquities — are cooperating to provide virtual tours of archaeological sites for residents outside of Egypt.

Talaat also said that Egypt has o moved into a new phase of digital services requiring electronic signatures, clarifying that the system will be implemented over several phases.

Initially, public employees moving to the country’s New Administrative Capital (NAC) will be the first to test out the electronic signature system, followed by enterprises and companies that will be able apply it on electronic invoices in cooperation with the Ministry of Finance.

The last phase of the electronic signature system will be applied to services provided to citizens, with consular services for Egyptians residing abroad being a priority in this stage of implementation.

Internet, mobile networks

As for mobile networks services, Talaat said that Egypt offered new frequencies for mobile companies in 2021 at a value of $2 billion and increased the rate of cellular tower installations, noting that 2,300 towers were built in 2021.

He added that Egypt plans to reach 2,800 towers by the end of 2022.

Furthermore, Egypt has invested about EGP 40 billion to raise the efficiency of internet services.

The minister added that the step has contributed to increasing the average fixed internet speed in Egypt and making it the best in Africa with an average speed of 41 Mbps, compared to an average speed of 5.6 Mbps before 2019, when it was in 40th place.

The country is currently pursuing the project’s second phase with EGP 40 billion in investments over three FYs, he added.

The second phase aims to replace all copper cables with fibre optics.

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