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Thursday, 1 December 2022

Dozens of multinational firms agree to invest in our outsourcing industry

A major boost to our outsourcing industry: 29 global firms will up their investments in our outsourcing industry under agreements inked with the CIT Ministry’s Information Technology Industry Development Agency (ITIDA), according to a cabinet statement. The agreements will see eight companies opening up offices in Egypt, while 21 firms with an existing presence in the market are set to expand their centers here.

Who’s involved: The 29 firms include IBM, Amazon, Microsoft, Majid Al Futtaim, Concentrix, Dell, PepsiCo, PWC, Vodafone, Atos, and Honeywell, among others.

What’s in it for us: The fresh investments are set to generate an additional USD 1 bn a year in digital export revenues by 2025, CIT Minister Amr Talaat said. The firms are set to create over 34k new jobs for young people, serving international markets through 35 service export hubs.

A vote of confidence for our investment climate: The agreements are the result of government efforts to create an attractive investment climate, PM Moustafa Madbouly said in his speech during the signing event, according to a separate cabinet statement.

We love to see it: We think the way forward for our economy is to focus on bringing in foreign investment to a few specific industries and turn them into export powerhouses. Outsourcing and customer relations management (CRM) could be perfect candidates, McKinsey’s Jalil Bensouda told us earlier this week as part of our CEO poll on FDI and exports.

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