Cairo – October 8, 2024: Reflecting the government’s commitment to supporting the entrepreneurial community, Minister of Planning and Economic Development (MPED), Rania A. Al Mashat convened the inaugural meeting of the Entrepreneurship Ministerial Committee.
The committee, established under the directive of PM Mostafa Madbouly, aims to enhance the capabilities of local startups and create a favorable environment for sustainable economic growth driven by competitiveness and innovation, contributing to the creation of decent job opportunities.
Emphasizing the importance of the committee's formation, Al Mashat stated that it highlights Egypt’s dedicated efforts to provide comprehensive assistance to startups, investors, and support entities. The focus will be on unifying various initiatives and programs implemented by national authorities to nurture innovation and support businesses.
Key challenges facing the entrepreneurial community were discussed, including funding gaps and the necessity for improved incentives for foreign investors.
The MPED Minister advocated for tax exemptions to attract foreign investments into startups and called for a reevaluation of existing laws and regulations to align them with international standards and the evolving needs of entrepreneurs.
The committee aims to usher in a new phase of government support designed to create a stimulating business environment for startups, thus enhancing the competitiveness of the Egyptian economy, Al Mashat explained.
Collaboration with the Cabinet's permanent unit for entrepreneurship and startups will build on prior efforts to maximize benefits.
The meeting brought together various stakeholders, including the Minister of Higher Education, the Minister of Investment and Foreign Trade, and representatives from key financial and governmental institutions.
Al Mashat noted that the committee's work aligns with the directives of President Abdel Fattah El-Sisi to empower startups and integrate them into the broader economy.
International best practices were also discussed, with the minister stressing the importance of learning from other countries' regulatory frameworks to address challenges faced by Egyptian entrepreneurs.
A thorough analysis of diagnostic reports and studies conducted by the merged Planning and International Cooperation Ministries aims to pinpoint barriers to the startup community.
“This analysis serves as a foundation for ongoing monitoring of the entrepreneurial community's demands and the policies needed to facilitate the access of Egyptian startups to regional and international markets while preserving local skills and harnessing the potential of young Egyptians and their exceptional capacity for innovation, thus enhancing Egypt’s position as a regional hub for startups,” according to Al Mashat.
Highlighting the significant role of international financing institutions, she revealed that 42% of venture capital in Egypt comes from these sources, benefiting numerous accelerators, particularly those focused on climate innovation and women-led startups.
The meeting also included insights from the Minister of Higher Education regarding the role of universities in fostering entrepreneurship through innovation centers and collaborations with the private sector.
The committee discussed a proposed regulatory framework to streamline government efforts and enhance support for entrepreneurs, emphasizing the need for national coordination to develop effective entrepreneurship initiatives, reduce redundancy, and ensure comprehensive assistance.
Hossam Heiba, Head of the General Authority of Investment and Free Zones (GAFI), mentioned the need to unify government efforts to align with the entrepreneurial environment, aiming to support entrepreneurs and harness their potential while establishing guidelines that encourage them to capitalize on developmental opportunities.
The meeting included a presentation of a video featuring the views of several startup founders, investors, supporting entities, and international development partners, who praised the establishment of a ministerial group to support entrepreneurship as a positive indicator and signal both domestically and globally of a distinctive direction from the Egyptian government.
Be Social
Comments
Leave a Comment