Approximately two-thirds of the Egyptian population (70 million) is under 29 years old. Critics claim that this figure is likely to rise as the population is expected to double up to 150 Million by 2050.
As a result, Egypt welcomes more than 500,000 new professionals onto the labour market each year, creating a remarkable opportunity for international investment.
At the height of the global lockdown, Egypt’s labour market was reasonably young, giving it a favourable position. Most businesses here immediately implemented work-from-home policies without encountering any concerns.
On the contrary, numerous local studies have found that widespread adoption of these policies increased business productivity. And, the move for the knowledgeable youthful market was easy because they were accustomed to new technology. No wonder it is hardly surprising that Egypt exports more than 4.7 billion USD worth of ICT, resulting in 200,000 outsourcing jobs.
Egypt, which is in the northeastern region of Africa, is home to more than 100 technical institutes and more than 50 authorized colleges. The undergraduate education system is strong and produces 500,000 graduates each year. 330,000 of those graduates are capable of offering business process services, and 50,000 have skill sets relating to IT.
On the other hand, government-sponsored educational programs also significantly expand the market (for example, Next Technology Leaders). These programs provide free funding to 16,000 recent college graduates in the areas of cutting-edge technology, including cybersecurity, machine learning, and data science.
Additionally, Egypt’s Ministry of Communications declared its intention to train 115,000 recent graduates in disciplines related to technology. According to the declaration, 400 million Egyptian pounds have been set aside for that purpose in 2021.
Yet again, a brief online search will reveal that the Egyptian labour market employs people who speak 20 different languages. This market may serve more than 100 countries thanks to that significant amount and job offshoring.
After years of uncertainty, the Egyptian government’s top objective is to maintain the country’s economy. The primary sources of income for the nation in the past were tourism and agriculture. Both global climate change and local political climate had a significant impact on each sector. The effects were unbearable.
Egypt has recovered, and the crisis gave its people a priceless lesson. It was inevitable to diversify the nation’s revenue streams while averting single points of failure. This explains the steps taken by the government to encourage international investment. The ICT industry has benefited from several actions, including the launch of flagship projects and the adoption of new, historic investment law.
The fundamental objective of the new law is to make it easier and less restrictive for foreign businesses to enter and operate in Egypt. According to the law, businesses are free from paying a 2% tax on the value of imported machinery and equipment as well as 100% of the registration expenses for notarizing articles of association, mortgages, loan agreements, and land contracts. Additionally, specific incentives were built into the statute based on the investment volume and financial performance of each corporation.
Along with these steps, the government has also initiated the “Digital Egypt” plan, which would create the groundwork for Egypt’s transformation into a digital society by 2030.
From a continental standpoint, all these strategies give Egypt’s youth an advantage. Economically, countries like China and India will now need to be on the lookout for Egypt’s growing youth population. As a result, if Egypt’s youth catches up to these two fiercely competitive nations, Egypt will need to receive a larger share of skills transfer in ICT-related areas.
On the plus side, if youths have access to it, skill transfers based on the technology will encourage the growth of SMEs and social entrepreneurs and develop youth capacities to support the development of a healthy, competitive business environment for micro, small, and medium-sized enterprises (M/SME), promote social entrepreneurship, and increase employment and income using ICT solutions.
Meanwhile, it must be acknowledged that rapidly developing information and communication technology (ICT) is paving the way for a competitive, dynamic, and ever-changing global marketplace. ICT also serves as a vital tool for socioeconomic development and ushers in new organizational forms and structures that are not constrained by time or space.
In collaboration with numerous stakeholders, the Egyptian government has carried out several ICT development programs, with variable results in diverse communities and sectors.
Otherwise, even though Egypt and its neighbours in sub-Saharan Africa have a long history and shared culture. To foster African youngsters, successive that can cause an oscillation in Egyptian-African relations between prosperity should be supported.