Ericsson (NASDAQ: ERIC) celebrated its presence in Egypt for 125 years with the presence of key industry players including H.E. Dr. Amr Talaat, Minister of Information and Communications Technology.
During the event, Ericsson announced reaffirming its commitment to Egypt as part of its mission to support technology innovation advancement in the country. As part of this commitment, Ericsson established and is operating an Artificial Intelligence (AI) Innovation Lab at Sultan Hussein Kamel Palace in collaboration with Information Technology Industry Development Agency (ITIDA).
In addition, the company announced during the celebration its plans to expand its operations in the AI domain and enhance its activities related to stimulating technological innovation, robotics, and the development of interaction between robots and humans using AI technologies. The company also emphasized increasing its efforts in developing young talents while supporting innovative thinking in the emerging technologies.
His Excellency Dr. Amr Talaat, Minister of Information and Communications Technology said: 'Egypt's Telecoms and Information Technology sector has a combination of both modernity and rootedness. Ericsson's celebration of the 125th anniversary of its presence in Egypt is a proof of how solid and stable the Egyptian market is, which contributed in enabling the company to implement its strategy and projects throughout this long period of time and to successfully continue as a partner in this promising sector, which carries with it more promising opportunities for all partners willing to invest and expand in Egypt to participate in building a digital Egypt.'
Dr. Amr Talaat also pointed out to the Egyptian state's interest in developing the communications and information technology sector, under the umbrella of its vision for the sector as a traction engine for development and an essential element to achieve a real renaissance in all sectors. He also noted that the sector's budget increased in the current fiscal year by more than 22.6% compared to the previous one.
Eng. Amr Mahfouz, CEO of the Information Technology Industry Development Agency - ITIDA, said: 'It is a real pleasure to witness the celebration of Ericsson's 125th anniversary here in Egypt. It's definitely a long journey of fruitful collaboration and is a great example of successful partnerships between ITIDA and the private sector. We are excited to see Ericsson continues to expand and grow, leveraging Egypt's unique capabilities and position as a leading digital, high-end services hub for its customers across the globe.'
Eva Andren, Country Manager Ericsson Egypt and Vice President Ericsson Middle East and Africa, says: 'We are proud to have achieved this milestone, along with our partners, as we push forward our unwavering commitment to Egyptian youth and talent. We have been present in Egypt since 1897 when we first connected Cairo to Alexandria and our journey continued over the years offering Egypt the latest technological innovations of the telecom industry. Today, as we announce our plans to expand our AI Innovation lab, we aim to inspire the next generation of innovators as we maintain our commitment to the transformation of Egypt into a digital society in line with Egypt Vision 2030, working with entrepreneurs, professionals, academics, and university students from across Egypt to identify innovative and commercially viable solutions.'
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Ericsson enables communications service providers to capture the full value of connectivity. The company's portfolio spans the business areas Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. It is designed to help our customers go digital, increase efficiency, and find new revenue streams. Ericsson's innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com