MSMEDA, FEI sign MoU to develop skills of entrepreneurs

CAIRO – 5 April 2018: The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) and the Federation of Egyptian Industries (FEI) signed a memorandum of understanding (MoU) that aims to develop the skills of entrepreneurs and workers in small- and medium-sized enterprise (SMEs) in all governorates, an official statement said Thursday.

The signing was attended by Trade Minister Tarek Kabil, who said that the agreement comes in light of the ministry’s keenness to develop SMEs and integrate them into the economy.

It also comes in light of the Training for Employment program, which helped in addressing the unemployment program, Kabil added.

The Minister said that the agreement will help in developing industrial projects and providing jobs for youth through offering training and technical support for SMEs.

He said that the agreement will last for two years and aims to draw up evaluation mechanisms to ensure the implementation of the agreement and follow up on executing its targets.

Head of the FEI Mohamed el-Sewedy said that the new agreement will help promote the ”training for employment” concept across Egypt.

Under the agreement, the FEI will coordinate with MSMEDA in designing and managing the training needs for the promising sectors as well as raising awareness about the importance and benefits of vocational and technical training programs.

Egypt has been working on developing SMEs and has launched several initiatives and incentives to encourage them.

Last week, MSMEDA and the Ministry of Manpower signed a MoU to prepare the youth on setting up SMEs and train workers to work in these projects.

Kabil said that developing SMEs is a top priority for the ministry to enhance trade and industry by 2020 as the sector represents 80 percent of Egypt’s economy.