MCIT: Egypt targets upping foreign investments of startups to $850M by end of 2022

MCIT: Egypt targets upping foreign investments of startups to $850M by end of 2022 Tue, Jul. 26, 2022
CAIRO - 26 July 2022: Egypt's Minister of Communication and Information Technology Amr Talat asserted Tuesday that Egypt was steadily progressing towards achieving comprehensive development and building "Digital Egypt", noting that the ministry's strategy focused on digital transformation, providing digital job opportunities for youths as well as easing all governmental measures offered to citizens.

Talat's remarks were made at a meeting of the Lebanese-Egyptian Business Association (LEBA), according to the state news agency, MENA.

Lebanese Ambassador in Cairo Ali El Halabi, Deputy Minister of Communication and Information Technology Ghada Labib, Head of LEBA Fatallah Fawzi, senior ministry officials as well as a number of businessmen from both countries attended the meeting.

Addressing the event, Talat said the volume of foreign investments in startup companies in Egypt reached $190 million in 2020 and $490 in 2021, noting that Egypt targets to up such investments to $850 million by the end of the current year.

He also reviewed Egypt's efforts to implement digital transformation projects in cooperation with various state sectors with total investments amounting to $15 billion to cover the health insurance, agricultural, judicial services, real estate licenses as well as remote tourism and archaeological tours for foreigners from outside Egypt.

He highlighted the launching of a new service for e-signing which will be applied in governmental bodies moving to the new administrative capital.

The minister also said the improvement in the state's internet services, postal services as well as the recent launching of Digital Egypt Platform by President Abdel Fattah El Sisi this month, adding that such steps would facilitate all services offered to citizens with the use of latest technologies.