Minister of Planning, Economic Development and International Co-operation, Dr Rania al-Mashat, took part on Friday in an event organised by the American Chamber of Commerce in Cairo (AmCham) to unveil the newly formed Entrepreneurship and Innovation Committee.
Addressing the function, Mashat highlighted the government’s commitment to backing the entrepreneurial community.
The committee is aimed 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, Minister Mashat said.
Emphasising the importance of the committee’s formation, the minister of international co-operation stated that it underlines Egypt’s dedicated efforts to provide comprehensive assistance to startups and investors. The focus will be on unifying various initiatives and programmes implemented by national authorities to nurture innovation and support businesses.
The minister reviewed key challenges facing the entrepreneurial community, including funding gaps and the necessity for improved incentives for local and foreign investors.
The committee is also meant 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, Mashat said.
She underscored the importance of three specialised ministerial committees working in key areas: industrial development, human capital development, and entrepreneurship. These committees serve as primary channels for coordinating efforts among ministries and government institutions, ensuring the implementation of integrated policies aimed at expediting sustainable and overall development.
Mashat pointed out to the formation of four primary working groups focused on addressing various entrepreneurship-related challenges.
The government is investing significantly in areas such as incubators, awareness campaigns, and innovation support, Mashat said, stressing the importance of drawing up a unified vision that consolidates efforts within a clear strategic framework.
Mashat also discussed financing as one of the major challenges facing entrepreneurship in Egypt. Despite significant support from international financial institutions such as the International Finance Corporation, the World Bank, and the European Bank for Reconstruction and Development, there remains a need to improve available financing mechanisms and expand opportunities for startups.
She revealed that 42 per cent of venture capital in Egypt comes from these institutions, benefiting numerous accelerators, particularly those focused on climate innovation and women-led startups.
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