The value of the Egyptian computer programming industry is estimated at no more than $50 million yearly, compared with $30 billion in China, according to London based Al-Sharq Al-Awsat daily.
These figures are all the more disappointing considering the fact that all possible investment incentives were provided to the local industry. Despite measures such as the reduction of customs and sales taxes, and the implementation of comprehensive training programs for workers, the industry was unable to achieve increased profits.
According to market sources, the main obstacle facing the new industry remains lack of funding. Many banks and financing associations have avoided investing in these projects due to the large amount of capital required to run them, as well the high degree of risk associated with them. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
