CAIRO - 26 August 2024: The entrepreneurship sector accounts for 7 percent of foreign direct investment (FDI) in Egypt, according to Entlaq CEO, Mohamed Ehab.
Ehab added that the sector has created approximately 50,000 direct jobs and 250,000 indirect jobs.
This came during the release of Entlaq’s semi-annual report on the Egyptian entrepreneurship sector for the first half of 2024 at a press conference.
Ehab also noted that Egypt is now the second-largest entrepreneurship hub in the Middle East and Africa, up from sixth place, thanks to favorable government policies.
The CEO stated that his company's strategy for the upcoming period will focus on supporting entrepreneurship not only in Egypt but also across Africa.
Ehab highlighted the significance of the released semi-annual report, which provides data and information about the entrepreneurship and startup sector in Egypt, identifying both challenges and opportunities in this field.
He added that Entlaq has numerous joint programs with Egyptian universities to support young entrepreneurs, as well as programs for supporting women and entrepreneurs from other nationalities.
Ehab noted that his company operates through various stages, including research, different programs, and the preparation of necessary reports in specific sectors such as logistics, agriculture, renewable energy, and others.
Earlier on Monday, Entlaq Holding released its Egyptian Entrepreneurship Sector Diagnostics Report for the first half (H1) of 2024.
The report unveils key recommendations that will contribute to the growth of the entrepreneurship sector.
Entlaq's Egyptian Entrepreneurship Sector Diagnostics Report delves into various government and public-private initiatives aimed at bolstering entrepreneurship across multiple sectors.
Several significant efforts in the form of initiatives are highlighted such a educational hubs, fintech regulations, agricultural support programs, and ICT innovations which collectively
enhance capacity building, financial inclusion, and technological advancement.
Additionally, social inclusion initiatives targeting youth and women, alongside significant venture capital investments and cross-border partnerships are emphasized.
These comprehensive efforts aim to create a more resilient and inclusive entrepreneurial ecosystem, complementing the overall strategy to drive sustained economic growth and foster a dynamic entrepreneurial culture in Egypt.
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