Egypt- Flotation had other benefits

(MENAFN- Daily News Egypt) The liberalisation of the exchange rate of the pound against the dollar did not only come with negative impacts, but also had a positive effect on some sectors. The outsourcing sector was one amongst the most prominent sectors that benefited from the flotation, which made its prices more competitive compared to other providers, giving Egypt more potential to become an international destination for the industry.

CEO of Raya Trade Bassem Megahed said that the trade sector was the main driver of growth of Raya Holding, but the company's outsourcing subsidiary has recently begun bringing back strong returns in the past two years.

He attributed the good performance of the outsourcing company of Raya Holding to the flotation of the pound, which contributed to increasing the competitive prices of Egyptian companies that provide outsourcing services and thus managed to spread better, especially that the human elements in Egypt's outsourcing services are distinct compared to competitors in India or other countries, but cost less than others.

Egypt achieves revenues of $1.6bn from outsourcing services. The Ministry of Communications and Information Technology aims to achieve greater development and achieve double digit growth over the next three years, increase revenues to $3bn and provide 750,000 new jobs through a systematic plan targeting training and the establishment of technological parks across Egypt and exploiting the passage of submarine cables on Egyptian coasts.

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