CAIRO: The Ministry of Communication and Information Technology (MCIT) plans to invest 9 billion EGP into electronics over the next six years, with the aim of achieving 40-70 billion EGP in revenue from such an investment, Minister Atef Helmy revealed late Monday.
In his speech at the American Chamber of Commerce in Egypt, Helmy said the ministry also intends to invest 3 billion EGP in innovation, Youm7 reported.
Deputy Head of the Scientific Society of Telecom Engineering (SSTE) Talaat Omar said MCIT should adopt a clear strategy for investment which guarantees achieving the targeted revenues, providing new jobs and raising Egypt’s competition.
“MCIT should give top priority to investment in information technology through raising the quality of human resources, scientific research and education rather than manufacturing electronics,” Omar added.
Helmy said the ministry is also scheduled to sign 45 agreements and protocols with a number of domestic and international information technology companies and NGOs with a total value worth 2 billion EGP in the coming period, Al-Mal Business Daily reported.
“A significant number of new services and products will be launched according to the agreements, so as to stimulate the local market,” said Helmy.
“After receiving the Cabinet’s approval, MCIT will launch two telecom projects through the partnership between Public and Private sector system (PPP) valued at 1 billion EGP within few days,” according to the minister.
One of the projects aims to develop information technology at the Ministry of Justice with a 650 million ECP total cost, while the second is set to develop Cairo’s Maadi Technology Park with investments worth 350 million EGP, Helmy detailed.
“Launching more projects through the PPP system is bet on the success of those two projects,” added the minister.