Swiss Company to Invest $11.8m in Egyptian IT Sector
A Swiss electronic communications manufacturer has announced its decision to invest 50 million pounds in Egypt over the next two years, according to the daily Al Ahram.
Margaret Hillman, president of the Swiss company, said that her company would work through its Egyptian associates to establish strong partnerships and alliances with many establishments and agencies in the IT field in all the markets in the region.
“We are currently studying the possibility of establishing a branch for our company at the project of 'smart villages' announced by the Egyptian Ministry of Communications,” said Hillman, who called on the concerned agencies to implement the project as quickly as possible in the near future.
According to the top executive, however, the tax exemptions and various investment facilities provided by the Egyptian government “are no more attractive to the foreign companies. This is in view of the fact that all the Middle East markets are competing to offer more facilities and customs and tax exemptions.”
These markets have succeeded, said Hillman, in offering more privileges and exemptions than Egypt in their endeavors to attract direct and indirect foreign investments.
But “the only advantage which the Egyptian economy has compared with the other Middle Eastern economies is the availability of scientifically and technologically qualified manpower, which is cheaper compared to other markets.” – Albawaba.com
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