More Egyptian companies embrace technology amidst 2024 business outlook

Recent research backed by DP World and conducted by Economist Impact indicates that despite a challenging 2023 and concerns over geopolitical events affecting the economy, Egyptian businesses remain optimistic for 2024.

The fourth Trade in Transition report underscores a surge in technology adoption and agile trade strategies among businesses. The study reflects insights from global trade experts and senior executives, including those from Egypt.

Facing heightened inflation, interest rates, and market downturns, Egyptian companies are reevaluating risks through friendshoring—aligning with suppliers from economically and politically similar countries, exploring new markets for export growth, and implementing dual-sourcing strategies.

The survey reveals that 28% of Egyptian executives plan to leverage technology to enhance supply chain efficiency and agility in the context of global trade’s future. Technology also fuels business optimism.

Nearly half of the executives (48%) recognized their firms’ use of AI in 2023 to transform supply chain operations, with an additional 20% aiming to adopt it in 2024. They are also exploring advanced automation (33%) and blockchain (28%) to improve traceability, security, and data protection.