In support of the Egyptian economy.. an expanded government meeting to discuss the future of entrepreneurship in Egypt

At the beginning of the new year, the Egyptian state is witnessing a strong and renewed push towards supporting theentrepreneurship sectorand enhancing the innovation system, as they are one of the basic drivers for achieving sustainable development and building a competitive, knowledge-based economy. Interest in entrepreneurship has become a strategic direction reflected in clear government policies and integrated institutional efforts aimed at empowering youth, stimulating innovative ideas, and transforming them into projects capable of growth and sustainability.

In this context, the state is making continuous efforts to create a supportive environment for emerging companies, by developing legislative frameworks, providing financial and funding incentives, and strengthening the partnership between the government and the private sector, in addition to investing in human capital and building digital and technological capabilities. Believing in the importance of innovation in confronting economic, social and environmental challenges, and achieving a balance between economic growth and resource conservation, in line with the Sustainable Development Goals (SDGs).

The beginning of this year reflects a clear momentum in supporting innovation and entrepreneurship, through launching new initiatives and activating coordination mechanisms among concerned parties, which confirms the state’s commitment to building a flexible and comprehensive economy, capable of creating decent job opportunities, stimulating productivity, and supporting the transition towards a more sustainable future.

An expanded government meeting to support entrepreneurship

Based on the above, Dr. Mustafa Madbouly, Prime Minister, held a meeting at the government headquarters in the new capital to follow up on the efforts made to advance the entrepreneurship sector through the Ministerial Group for Entrepreneurship and the Advisory Committee for the Digital Economy and Entrepreneurship, in the presence of Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Dr. Amr Talaat, Minister of Communications and Information Technology, and Dr. Ayman Ashour, Minister of Higher Education and Scientific Research. Along with Mr. Amr Al-Abd, Advisor to the Prime Minister on Entrepreneurship.

The Prime Minister stressed at the beginning of the meeting that the government is paying great attention to the entrepreneurship file, referring to the ministerial working group concerned with undertaking everything related to this file, as well as an advisory committee that includes a number of experts and specialists with the aim of advancing this important sector.

In a related context, Dr. Mustafa Madbouly explained that the preparation of a special charter in this regard had been completed, saying: We are working during the current period to activate a number of decisions and procedures that contribute to advancing and advancing the file of entrepreneurship.

A unified institutional entity for entrepreneurship

The Prime Minister added that the state is currently studying the proposal to establish a unified institutional entity concerned with the entrepreneurship sector, provided that it is an umbrella for the various existing relevant bodies and entities, in a way that contributes to unifying the vision and integrating roles between the ministries and institutions concerned. This entity aims to be a main reference for everything related to entrepreneurship in Egypt, ensuring clarity of policies and ease of access to services and support provided to entrepreneurs.

He explained that the presence of a unified institutional entity would contribute to addressing the challenges facing entrepreneurs, and provide an integrated package of technical, financial and regulatory support, in addition to creating a direct and effective communication channel between the state and the entrepreneurial community. He stressed that putting this proposal up for discussion comes within the framework of the government’s keenness to develop an environment supportive of innovation, and enhance the role of emerging companies as one of the engines of sustainable economic growth.

Enhancing the capacity of startups and the entrepreneurship environment

During the meeting, the Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al-Mashat, reviewed the most important outcomes of the Ministerial Group for Entrepreneurship, noting in this regard that within the framework of the Prime Minister’s decision to form this group, with the aim of enhancing the ability of emerging companies and the entrepreneurship environment to achieve sustainable and accelerated economic growth based on competitiveness, the Ministerial Group worked to adopt policies that support emerging companies through a group of stages, including: the idea stage, the founding stage, the early growth stage, and the growth stage. Expansion, and maturity/extraction stage.

Dr. Rania Al-Mashat said: The needs of companies in the expansion phase also require complementary tools and policies designed specifically for that.

Initiatives and policies ready to be launched to support the entrepreneurship sector

Dr. Rania Al-Mashat said that the ministerial group has identified a set of initiatives and policies ready to be launched, which are a unified definition and classification of startup companies (according to Law No. 152 of 2020), issuing a unified government guide for services for startup companies, in addition to a unified financing initiative, a program for startup companies in the maturity stage, and taking a package of facilitative measures and supportive policies. The initiatives also included setting up a communication point and website, and defining an observatory to follow up on the implementation of entrepreneurship policies.

The work is based on three basic pillars

During the meeting, Mr. Amr Al-Abd, Advisor to the Prime Minister on Entrepreneurship, reviewed three basic pillars within which the entrepreneurship file is being worked on, where the first pillar is the firm belief that entrepreneurship is not just a promising sector, but rather one of the basic drivers of sustainable economic growth.

Al-Abd also explained that the second pillar is the desire to confront the current reality with all its challenges, and to enhance cooperation and coordination among all concerned parties, with the aim of improving this reality according to a studied methodology based on the best experiences. As for the third pillar, it is keen to highlight Egypt’s role as a major player in the global entrepreneurship community, in a way that enhances the confidence of entrepreneurs and attracts investors from all over the world.

Al-Abd reviewed the current conditions of the entrepreneurship sector in Egypt, noting that the sector still faces a set of challenges. He also presented the most prominent initiatives and government agencies related to the entrepreneurship file in Egypt.

In conclusion, the entrepreneurship sector is one of the strategic tools for promoting a sustainable economy and building a knowledge society capable of global competition. It is clear through the new charter and the proposal to establish a unified institutional entity that the government seeks to unify policies and facilitate access to support for all entrepreneurs, while addressing the structural challenges they face.

The Earth Guards Foundation believes that this trend is a tangible trend through specific initiatives, such as the classification of emerging companies, financing initiatives, and maturity programs. Egypt is also reformulating its model of entrepreneurship to be a comprehensive model that links legislation, financing, institutional facilitation, and human capacity building, to achieve comprehensive sustainable development economically and socially through industry and innovation. And basic structures.