Trade volume between the UAE and Egypt tripled to $1.4 billion in 2008, accounting for 10.6 percent of Egypt's total foreign inward investment. Overall foreign investment in Egypt has risen to $13.4 billion. One major area of investment in Egypt has been the ICT market, which is now one of the fastest growing globally, according to a recent report from Business Monitor International (BMI). The report suggests the country's ICT industry will be worth around $1.9 billion by 2013. In a move to attract further investment in Egypt, more than 30 Egyptian companies will be participating at this year's Gitex Technology Week, which takes place at Dubai International Convention and Exhibition Centre on Oct. 18- 22, 2009. 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). This year the agency is expanding its participation by 15 percent. “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. “Gitex Technology Week will help Egyptian companies initiate meaningful relationships with the international trading community which is now prioritizing its attention to this part of the world.” “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 added. According to Business Monitor International, ICT services in Egypt were worth around $283 million last year, accounting for about 24 percent of total spending on ICT. BMI further reports that this figure is expected to grow by about 12 percent through 2013, fuelled largely by eGovernment initiatives and t‘Computer for Every Home' program.
