The Ministry of Communication and Information Technology is close to finalizing talks with a number of Irish investors over investments of US$500 million in the Egyptian electronic content business.
The Minister of Communication & Information Technology, Tarek Kamel, said on Tuesday that the move is a byproduct of the initiatives for integration between the communication and media industries throughout the world.
“Egypt has launched regulatory frameworks for such integration between the media and communication industries, paving the way for investment inflows in this field, the minister said.
To increase investment inflows, Egypt banks on its ability to open up business opportunities in the communication and IT sectors.
The government has also adopted plans to liberalize the industry after making sure that the Egyptian economy has a momentum for attracting investors to this field. The recent auction for the third mobile phone operation license, sold at $2.9 billion, has encouraged the government’s liberalization efforts.