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ITIDA Tech Boom
(U.S. Newswire Via Acquire Media NewsEdge) BC-ITIDA-Tech-Boom
To: TECHNOLOGY EDITORS
Contact: Ahmed Reda, Media & Communication Manager, Information Technology
Industry Development Agency, +202-35-34-51-85, areda@itida.gov.eg
CAIRO, May 13 /PRNewswire/ -- Egypt's economy grew by 5.8 percent in the
first quarter of 2010, accelerated by the 11.3 percent growth of its ICT
industry.
Reports by the Economic Development Minister revealed the growth was at
its fastest pace in almost two years and is expected to hit as high as 5.3
percent in the fiscal year ending June, up from 4.7 percent in the previous
year.
Egypt remains one of the world's fastest growing outsourcing destinations
and has seen huge investments in the last year with companies including Sykes
Enterprise and Stream Global Services. ITIDA has also signed an Memorandum of
Understanding (MoU) with Intel Corp to further boost the potential of Egyptian
information and communication technology (ICT) companies by using Intel's
technical expertise to improve their potential and develop products and
technical solutions.
Commenting on the growth of the sector, Dr. Hazem Abdelazim, CEO of the
Egypt's Information Technology Industry Development Agency said: "We have had
a positive start to the year with new companies investing and local companies
developing and expanding their capabilities and services. The sector is going
from strength to strength and is evidently having a huge impact on the overall
growth of our country. We are confident that the sector will continue to grow
during the remainder of 2010 and that we will see more multinational companies
expanding and outsourcing their business to Egypt."
Egypt continues to invest in its infrastructure and intellectual property
and piracy are two areas that it is aggressively tackling. In the 2009
Business Software Alliance (BSA) and IDC Global PC Software Piracy Study
published this week, Egypt's piracy rating remained at 59% for the second
year, despite overall global levels rising in 2009.
Egypt's rating has dropped by 5% since 2005 and, at 59%, its ratings are
lower than other leading outsourcing destinations such as Morocco (66%), China
(79%) and the Philippines (69%).
Dr. Hazem Abdelazim adds, "Reducing piracy continues to be a challenge for
the sector globally. In Egypt, we are continuing to make this a priority and
are making good progress. Our rate remains lower than some other destinations
around the world, and shows why Egypt has become a leading destination for
global outsourcing. "
Contact details:
Ahmed Reda
Media & Communication Manager
Information Technology Industry Development Agency
T: +202 35 34 51 85
E: areda@itida.gov.eg
About ITIDA:
The Information Technology Industry Development Agency (ITIDA) is a
governmental entity affiliated to Egypt's Ministry of Communications and
Information Technology. It is responsible for growing and developing Egypt's
position as a leading global outsourcing location by attracting foreign direct
investment to the industry and maximizing the exports of IT services and
applications.
Located in the heart of the modern business environment at Smart Village,
the six hundred acre business park on the outskirts of Cairo, ITIDA is a self
sustainable entity that drives the IT industry in Egypt and raises awareness
among the Egyptian people of the benefits and use of ICT to advance
socio-economic welfare of the whole community.
For further information on ITIDA, visit http://www.egypton.com or
http://www.itida.gov.eg
SOURCE Information Technology Industry Development Agency (ITIDA)
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(c) 2010 U.S. Newswire Corp.
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