CAIRO: “Egypt will witness a shift to the digital economy in the coming period that may double the communication sector’s contribution to the country’s GDP to hit 66 billion EGP ($9.23 million) as of the end of the 2014/15 fiscal year,” Minister of Communication and Information Technology Atef Helmy announced Tuesday.
The announcement came after Helmy, along with Prime Minister Ibrahim Mahlab, inaugurated the 18th Cairo ICT conference and exhibition, which will run until Nov. 7.
In his opening speech, Helmy stressed that Egypt’s communication sector has the potential to restore its previous high growth rates in light of government’s efforts to reinstate stability and boost the economy, which has been hard hit by the political upheaval since the January 25 Revolution in 2011.
“By 2020, the sector will grow by 18 percent, provide 195 billion EGP and create around 1 million jobs,” said the minister.
On the sidelines of the event, Vodafone Egypt’s CEO and managing director Ahmed Essam announced Tuesday that his company had allocated 9.5 billion EGP to be invested to upgrade its network.
Essam said the cell phone operator continued its progress in the Egyptian market over the past 16 years, and that Vodafone’s priority in the coming period is to maintain its leading position in the local market through investing in the network.