Recently Sourcingfocus noted that Egypt is revitalising its aim to contend as a top destination for outsourcing. Now Daily News Egypt has reported that “a spate of new agreements with a number of large investors” has given Egypt’s ITO potential a further boost.

Multinational companies such as IBM, HSBC, Procter & Gamble, Nestlé, Teleperformance and many more have signed agreements to extend their partnerships with the Egyptian government’s Information Technology Industry Development Agency (ITIDA).

“Egypt can become a multilingual hub in the region for BPO. This is what many international companies are looking for, but the industry has not been fully exploiting this opportunity,” said Giorgio Modesti, CEO of Teleperformance Egypt.

Nevertheless, a report by Everest Group has confirmed that Egypt’s offshore global services industry is growing at 7.5% annually as a result of the country’s renewed political stability.

Further reports on Egypt’s outsourcing potential can be found via “Offshore Outsourcing: Egypt is back On”, a blog post on the National Outsourcing Association’s website.

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Related: Egypt Revitalises Aim to Contend as Top Outsourcing Destination