Shruti GautamTLDR:
- Egyptian businesses remain optimistic for 2024 despite challenges in 2023
- Research shows a surge in technology adoption and agile trade strategies among Egyptian companies
Recent research supported by DP World and conducted by Economist Impact reveals that Egyptian businesses are embracing technology and agile trade strategies in the face of a challenging economic climate and geopolitical events. The fourth Trade in Transition report highlights the optimism of Egyptian executives for 2024 and their focus on leveraging technology to enhance supply chain efficiency and agility in global trade. Key findings from the study include:
- 28% of Egyptian executives plan to use technology to improve supply chain operations
- Nearly half of the executives recognized their firms’ use of AI in 2023, with 20% aiming to adopt it in 2024
- Companies are exploring advanced automation and blockchain technologies to enhance traceability and security
- Businesses prioritize consolidation to minimize supply disruptions, with a focus on friendshoring and dual-sourcing strategies
- Market expansion and technological advancements are expected to drive export growth, particularly in Europe and North America
Rizwan Soomar, CEO & Managing Director of DP World for North Africa & the Indian Subcontinent, expressed optimism regarding the survey findings and highlighted DP World’s initiatives in Egypt to address business challenges through technology implementation. The study reflects a positive outlook for Egyptian companies as they navigate the complexities of global trade in 2024.
