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June 14, 2011

Egypt Becomes Favorite Investment Destination for U.S. Technology Firms
By Narayan Bhat
TMCnet Contributor

Egypt, the Arab country where pro-democracy supporters have recently ended the decade-long rule of Hosni Mubarak, is suddenly becoming a favorite investment destination for American corporate giants.

According to a statement issued by Egypt’s Information Technology Industry Development Agency (ITIDA), as many as four American technology companies have now agreed to expand their operation in the country.



The Agency has recently signed an MOU with Hewlett-Packard to train Egyptian hardware companies to boost their competitive advantages.

Similarly, Cisco and Motorola (News - Alert) also have agreed to participate in the country’s efforts to become growing economy in the Middle East.

Egypt appears to becoming a major IT destination, with many multinationals including Google (News - Alert), IBM and Valeo having established a significant presence in Egypt over the last year.

The MoU with HP aims to assist Egyptian companies in training to help grow their businesses, impart key skills to employees and in the wider talent pool, and increase their footprint in local and regional markets.

"This MoU is a clear testament to our commitment to positioning Egypt as one of the key outsourcing destinations have yielded significant results, we are keen on extending all the necessary support to the Egyptian hardware companies and we are positive that this training, along with other initiatives will have considerable impact," said Yasser ElKady, ITIDA CEO.

The MoU signed between ITIDA and HP was accompanied by news of a major new investment from Cisco (News - Alert). Cisco has announced that it will invest $10 million to seed a sustainable model of job creation and economic development in Egypt. The venture capital investment targets high-potential small businesses that provide innovative products and services.

“This $10 million investment will help us promote economic development, leading to enhanced opportunities for the people of Egypt," said Dr. Magued Osman, minister of communications and information technology.

U.S. mobile maker Motorola Solutions Inc. has agreed to open a key office in Cairo to offer its communication products and services to Egyptian customers but also to many other customers outside of the country as the Cairo base of operations becomes established as the newest Regional Engineering Center.

Narayan Bhat is a contributing editor for TMCnet. To read more of Narayan’s articles, please visit his columnist page.

 






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