The Ministerial Group for Entrepreneurship concluded discussions on a unified definition for startups and a set of facilitation measures and discussed a proposed financial package to support the sector.
Minister of Planning, Economic Development, and International Co-operation Rania Al-Mashat chaired the third meeting of the group at her ministry’s headquarters in the New Administrative Capital.
The group was established by a decision from the Prime Minister and aims to enhance the capacity of startups and the entrepreneurship ecosystem to achieve sustainable and accelerated economic growth, based on competitiveness and knowledge, contributing to the creation of decent job opportunities.
Mashat emphasised that the working groups had held intensive meetings over the past period to discuss various proposals and recommendations from stakeholders in the sector, including startups and investors. She explained that the discussions and recommendations would be reflected in the Startup Charter, which is currently being finalised to become a clear roadmap to enhance investor confidence in the opportunities available for startups in Egypt and support their rapid and sustainable growth.
She indicated that implementing these recommendations is part of the government’s efforts to advance the National Structural Reform Programme, aimed at empowering the private sector and creating a favorable business environment.
She stressed the government’s commitment to supporting the entrepreneurship sector, particularly startups, due to its crucial role in shaping the future economy in many countries, especially with the rise of emerging technologies and the revolution in AI-based services and products, which have an impact across all areas of development. She pointed out that Egypt is one of the largest markets in the Middle East and Africa, with millions of young people and a qualified workforce, offering competitive operational costs and possessing all the ingredients to become a regional hub for startups.
The meeting was attended by Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Ayman Ashour, Minister of Higher Education and Scientific Research; Hassan El-Khateeb, Minister of Investment and Foreign Trade; Sherif Farouk, Minister of Supply and Internal Trade; Mohamed Fayed, Chairman of the Financial Regulatory Authority; Mai Abu El-Naga, Deputy Governor of the Central Bank of Egypt; Basel Rahmi, Head of the Micro, Small, and Medium Enterprises Development Agency; Hossam Heiba, Head of the General Authority for Investment and Free Zones; Osama El-Gohary, Assistant to the Prime Minister and Head of the Information and Decision Support Center; and other senior officials.
