Cisco Systems Inc. achieved a 40% growth rate in their business in 2015, according to General Manager at Cisco Egypt and Libya Ayman El-Gohary.
The company is targeting a business increase of 10%-20% before the end of the first half (H1) of 2016.
To reach that target, Cisco is depending on providing communication solutions to smart cities and providing technological services dependant on the Internet of Things (IoT), El-Gohary said.
He also expected a large growth in the IT and telecommunication sector in the local market during 2016 compared to 2015 due to the current relative stability in Egypt’s economic and security situation.
El-Gohary attributed the expected growth in the sector to large IT projects that are expected to be launched by the government in 2016; these projects will adopt the public private partnership (PPP) system.
The government is focusing on renewing the information infrastructure of various governmental bodies to improve their services, which will contribute to attracting more local and foreign investments, El-Gohary said.
El-Gohary believes the dollar crisis continues to be the largest challenge facing the local market, in addition to the new regulations introduced by the Central Bank of Egypt (CBE) regarding imports, which requires up-front payments of 100% of the value of imports.
The instability and ambiguity in a number of laws that affect the investment climate, such as tax laws, are also among the challenges in the local market, according to El-Gohary.
Cisco employs approximately 80,000 Egyptians, as well as 200 partners and agents in the Egyptian market, the most prominent of which is Raya IT–Egypt.
