Ministerial Committee for Entrepreneurship Established: Formation of a Technical Committee and Working Groups with Representatives from Startups and Key Stakeholders
13 November 2024
Dr. Rania Al-Mashat: A technical committee chaired by the Ministry of Planning, Economic Development, and International Cooperation and GAFI has been formed.
The working groups prioritize diverse representation and provide opportunities for all stakeholders to participate in meetings, ensuring the best proposals for supporting and empowering the entrepreneurial community.
These groups will collaborate with experts and seek diverse perspectives to reinforce Egypt's position as a regional hub for startups.
The Ministerial
Committee for Entrepreneurship, led by H.E. Dr. Rania A. Al-Mashat, Minister of
Planning, Economic Development, and International Cooperation, announced the
formation of its organizational framework, including the establishment of
affiliated working groups. This decision follows extensive consultations with
various ministries and stakeholders, aiming to address the needs of Egypt’s
entrepreneurial ecosystem and strengthen its role as a regional innovation
leader.
The committee’s
structure features a technical committee co-chaired by the Ministry of
Planning, Economic Development, and International Cooperation, and the General
Authority for Investment and Free Zones (GAFI). The committee includes
representatives from the Ministries of Industry, Investment and Foreign Trade,
Communications and Information Technology, Higher Education and Scientific
Research, Finance, Supply and Internal Trade, along with the Micro, Small, and
Medium Enterprises Development Agency (MSMEDA), the Financial Regulatory
Authority (FRA), and the Central Bank of Egypt (CBE). The technical committee
is tasked with conducting studies, proposing initiatives, developing action
plans, and liaising with all relevant entities.
H.E. Dr. Rania A.
Al-Mashat emphasized the importance of involving representatives from the
startup sector, including entrepreneurs, investors, and support organizations,
alongside government bodies. This inclusive approach seeks to foster dialogue
and develop proposals that will enhance the entrepreneurial environment and unlock
the full potential of Egyptian startups.
She also highlighted
that the selection of working group members was carefully balanced to ensure
diverse representation from various sectors. The working groups will have the
flexibility to engage with experts and stakeholders, facilitating coordinated
efforts and inclusive discussions on challenges facing startups. The broader
objective is to position Egypt as a regional hub for startups. Dr. Al-Mashat
stressed the importance of active and regular participation in these working
group meetings.
The Ministerial
Committee for Entrepreneurship has established four working groups. The 1st
group on Policy and Legislative Frameworks will discuss and evaluate submitted
mandates, provide expert advice, and make recommendations for the ministerial
committee. Its goal is to ensure that government policies and legislative
frameworks align with the needs of startups, fostering an environment that
encourages investment and innovation. The 2nd group on Coordination of Initiatives
and Projects aims to enhance the entrepreneurship ecosystem by coordinating
government efforts and optimizing resource allocation to maximize the impact of
available initiatives. The 3rd group on Global Market Access and Talent
Retention will focus on enabling startups to expand internationally while
retaining local talent, ensuring they can compete on a global scale and access
international markets. The 4th group on Linking Startups to Development
Challenges will explore ways to increase the involvement of startups in
addressing pressing national development challenges, particularly in
high-potential sectors such as tourism, agriculture, and industry. It will also
explore incentives and programs to encourage companies to contribute more
effectively to the broader economy.