Looking to desperately recover from three years of political turmoil, Egypt is in search of investors to upgrade and revamp its telecommunications industry. Billions of dollars will go into the restoration and restructuring of telecom infrastructure. The present communications and information technology minister, Atef Helmy, has said that the plan is to attract multinational companies to invest in Egypt after many were spooked by the unrelenting upheaval that the country went through.
After the 2011 uprising that led to the ousting of Hosni Mubarak had caused massive political unrest, militant violence and protests that completely battered Egypt’s economy and finances. Being the most populous Arab country, Egypt has been in desperate need to create job opportunities and an overall economic stability and growth by upgrading its telecommunications sector.
In terms of investments, Helmy has revealed that the country needs at least US$5-US$6 billion just to develop broadband internet across Egypt and another US$3 billion to construct seven IT parks that will not only create employment opportunities for people throughout the nation but also attract multinational companies to invest in the sector.
One of the definite plans on the agenda is an economic summit that will be held in Sharm al-Sheikh in February next year. This summit will be an excellent opportunity to present the proposals and ideas that the industry has to attract investments. Being a highly-competitive and one of the most invested-in industry, the telecommunications and technology sector is the best place to begin rebuild the economy, Helmy said at an interview on the sidelines of a Middle East investment summit.