Egypt hopes to see a tenfold increase in exports from its growing outsourcing industry by 2020 and will boost its focus on information technology entrepreneurship and co-ownership of intellectual property, the country's information technology minister said Wednesday. Speaking at an investment conference in Cairo, Tarek Kamel said Egypt's information technology sector has made impressive gains over the past few years, bringing in almost $1.1 billion in exports so far in 2010. Officials hope that level will rise to $10 billion by 2020. «We're still completely convinced that this is the way to continue to grow because infrastructure growth (in the sector) will not be enough anymore,» Kamel was quoted as saying by the Associated Press. Egypt needs to «take its rightful share out of that service economy,» he said. Kamel said that outsourcing, call centers and other support services were creating about 40,000 jobs per year, but that Egypt was no longer content with simply focusing on the call center business. He said the real value was in creating entrepreneurship in the information technology sector, namely through co-ownership of intellectual property. «We can also work on the higher end of the value chain,» Kamel said. «It will make Egypt part of the knowledge economy worldwide.» The minister said officials were setting up Egypt's new Center for Innovation and Entrepreneurship, and that and there was already a pilot project under way with IBM on nanotechnology. He said Egypt hopes to attract other foreign firms in similar projects. The strategy for the entrepreneurship plan would be announced later in the year, he said. The push for new revenue comes as Egyptian officials project economic growth could reach at least 6 percent this year, and inch up slightly higher in the coming year.
