Egypt’s ICT industry is one of the fastest growing sectors in the region and will be worth around $1.9 billion by 2013, according to a report.

The Business Monitor International (BMI) in its recent report said the overall foreign investment in Egypt has risen to $13.4 billion and one major area of investment in the country has been the ICT market.

In a move to attract further investment, more than 30 Egyptian companies will be participating at this year’s Gitex Technology Week to be held in Dubai from October 18 to 22.

Egyptian companies have always had a strong presence at the show, spearheaded by the Information Technology Industry Development Agency (ITIDA), the executive IT arm of Egypt’s Ministry of Communications and Information Technology (MCIT).

“Positive government initiatives have helped to make the Egyptian ICT market among the world’s most competitive today,” said Helal Saeed Almarri, CEO, Dubai World Trade Centre.

Trade volume between the UAE and Egypt tripled to $1.4 billion in 2008, accounting for 10.6 per cent of Egypt’s total foreign inward investment.

“Gitex Technology Week will help Egyptian companies initiate meaningful relationships with the international trading community which is now prioritising its attention to this part of the world,” he added.

“Despite the global economic slowdown, public spending by the government, combined with significant population growth and continued development in healthcare, education, real estate and tourism, will offer excellent opportunities for ICT companies in Egypt,” he pointed out.

According to Business Monitor International, ICT services in Egypt were worth around $283 million last year, accounting for about 24 per cent of total spending on ICT.

Hundreds of Egypt’s key decision makers are expected at the Gitex Technology Week. Last year saw a record number of senior executives from the country visit the show and this year that figure is expected to be higher than ever.

“ITIDA has played a fundamental role in driving the growth of Egypt’s ICT market by helping to attract foreign investments to Egypt,” said Dr. Hazem Y. Abdelazim, chief executive officer, ITIDA.

“We are looking forward to the event as it allows us to tap into opportunities that can help drive Egypt’s economy. The event also helps us showcase Egyptian expertise to a global audience, allowing for greater synergy,” he added.-TradeArabia News Service