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Technological complexes: investment opportunities or delusional plans? - Daily News Egypt

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Technological complexes: investment opportunities or delusional plans?

EGP 20bn expected investments, the plan aims to expand IT industry in Upper Egypt and other governorates


The Ministry of Communications and Information Technology has developed an ambitious plan to expand the information technology (IT) industry. This plan depends on the youth demographic in governorates and regions outside Cairo who hope to employ their passion towards work and improve their standard of living by using IT.

According to the ministry’s strategy, seven technological complexes will be built in Alexandria, Damietta, Assiut, Beni Suef, Sharqeya, Menoufia and Aswan. The Minister of Communications Yasser Al-Qadi believes that the implementation of these complexes and its strategy will contribute to reducing unemployment rates in outer-lying regions and Upper Egypt governorates in addition to expanding and developing the IT industry.

According to Al-Qadi, this strategy will turn Egypt into a ‘Silicon Valley’ for the Middle East. This, in turn, will attract innovators and entrepreneurs in the telecommunications and IT industry from neighbouring countries.

Some officials believe that the Egypt’s current economic conditions may be an obstacle to attracting foreign investment for the implementation of the strategy, considering them “fake plans”. However, others believe that the complexes’ success is subject to developing mechanisms which will guarantee that small and medium-sized enterprises will benefit.

The suggested mechanisms are: offering rental of administrative areas at competitive rates, providing developed infrastructure, and providing a means of transportation between city centres and the complexes.

 

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https://www.dailynewsegypt.com/2016/05/03/technological-complexes-investment-opportunities-delusional-plans/
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