Minister of Communications discusses with STMicroelectronics its investment plans in Egypt

Amr Talaat, Minister of Communications and Information Technology, received Ricardo De Sa Earp, the Executive Vice President of STMicroelectronics, a world leader in electronics and semiconductor manufacturing, on Saturday.

During the meeting, both parties discussed the company’s investment plans in Egypt in light of the launch of its operations in Egypt and inaugurating a research and development center in the technological zone in Maadi.

STMicroelectronics offers semiconductor solutions, which has become one of the important and strategic industries in light of the increasing growth in the fields of the Internet of Things (IoT) and the increasing demand for semiconductors and electronic chips that process digital information. Semiconductors are essential components in computers, communications devices, automobiles, household devices and appliances, medical equipment, etc.

The company opened a center in the technology zone in Maadi, where about 45 engineers are specialized in the fields of electronic design and software development. The company plans to increase the number of employees to 60 before the end of this year.

During the meeting; Talaat praised the step taken by the global company to expand its investments in this important industry in light of the growth in global demand for these products. He stressed that the Egyptian state seeks to enhance its capabilities and position in this industry, as it enjoys many competitive advantages in the field of value-added services, design and manufacture of electronics, which represents an incentive for a number of major international companies working in this industry to invest in Egypt.

Talaat stressed the keenness of the Ministry of Communications and Information Technology to create the appropriate climate to support and develop this important industry within the framework of the presidential initiative “Egypt Manufactures Electronics”, which aims to localize the electronics industry and make it one of the most important pillars of the growth of the Egyptian economy.

He added that the Ministry of Communications and Information Technology has a strategy to build digital capabilities to provide professionals to support the information technology and electronics industry. He pointed out that a digital innovation center is being established in the Knowledge City in the New Administrative Capital with the aim of providing an integrated environment for the design and development of electronic circuits and systems industry, including advanced laboratories, a training academy and a technology incubator for startups working in the field of circuit design and electronic systems.

Amr Mahfouz, CEO of the Information Technology Industry Development Agency (ITIDA), said that the authority is keen to enhance cooperation with STMicroelectronics. It is fully ready to provide all means of support and specialized cadres, as well as other investment incentives to advance the company’s operations, and accelerate its growth and serve its customers based on its position in Egypt. He also expressed the authority’s hope to increase the number of specialized engineers in the company, as the authority seeks to open new horizons for cooperation to accelerate the growth of the knowledge economy, within the framework of Egypt’s digital strategy for the outsourcing industry (2022-2026).

On his part, Ricardo said that the company intends to expand its operations, enhance cooperation with ITIDA, and forge partnerships with specialized colleges and universities as a source of specialized skills and cadres, especially in the areas of embedded software and electronics design.

He added that the company is looking forward to creating a tangible impact and achieving a qualitative leap in the semiconductor industry and research related to electronic circuit design through its center in Egypt.

Noteworthy, STMicroelectronics was established in 1957. It is an Italian-French company headquartered in Geneva, Switzerland. It has 80 headquarters in 35 different countries. The company has 13 factories across the globe. It serves about 200,000 customers of international companies in various sectors. The company’s data indicates that it achieved revenues of $13bn last year. The number of its employees is estimated to be 48,000 around the world. Nearly 8,400 of them work in the field of research and product development. The company owns about 18,500 patents.

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