"H.E. Dr. Rania Al-Mashat: The Ministerial Entrepreneurship Group is Working on Preparing a Charter for Egypt’s Startup Ecosystem and Finalizing the Unified Definition for Startups"

During its discussion on the actual implementation of the 2023/2024 Economic and Social Development Plan and key economic indicators at the Planning and Budget Committee meeting in the House of Representatives:

"H.E. Dr. Rania Al-Mashat: The Ministerial Entrepreneurship Group is Working on Preparing a Charter for Egypt’s Startup Ecosystem and Finalizing the Unified Definition for Startups"

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, provided an in-depth review of the results from the Ministerial Entrepreneurship Group’s meetings during her presentation on the actual implementation of the 2023/2024 Economic and Social Development Plan and key economic indicators. This discussion occurred at the Planning and Budget Committee meeting in the House of Representatives, presided over by Dr. Fakhry El-Feki, with the participation of committee members.

H.E. Dr. Al-Mashat highlighted the Egyptian government’s commitment to supporting the vital and emerging sector of entrepreneurship, noting that the government is displaying a genuine openness to stimulating and supporting this sector. She stressed that this opportunity would not only foster innovation but also strengthen the private sector’s role in driving economic growth. "Entrepreneurship," she remarked, "is not just a tool for growth but a catalyst that accelerates this growth, helping Egypt to achieve leaps in economic development." The focus on entrepreneurship is an essential part of Egypt’s strategy for achieving sustainable development and ensuring a robust and diversified economy.

In her remarks, H.E. Dr. Al-Mashat also pointed to the role of the Ministerial Entrepreneurship Group, which was established to support Egypt's entrepreneurial ecosystem. The group, which H.E. Dr. Al-Mashat chairs, includes several ministers and heads of key governmental authorities. The group’s primary objective is to foster an environment conducive to the growth of startups and entrepreneurship by facilitating sustainable and competitive economic growth based on knowledge, innovation, and the creation of decent job opportunities.

The group aims to enhance the startup ecosystem’s capacity by focusing on strengthening the operational environment for startups and entrepreneurs in Egypt. H.E. Dr. Al-Mashat shared that the group’s discussions have focused on developing the necessary frameworks to support entrepreneurship, including legislation, financing mechanisms, and sectoral coordination to bridge the gap between the challenges faced by startups and the innovative solutions they can offer.

The Minister further elaborated on the group’s organizational structure, which includes the establishment of a technical secretariat and four specialized working groups. These working groups, comprised of representatives from Egypt’s entrepreneurial community, focus on critical aspects such as the formulation of policies and legislative frameworks, improving access to finance, coordinating various initiatives and projects for startups, and ensuring a strategic link between sectoral challenges and the innovative solutions provided by startups. The groups are also working on integrating efforts to streamline the various initiatives and projects related to startups under one cohesive framework.

H.E. Dr. Al-Mashat stated that the working groups have been tasked with preparing a comprehensive charter for the startup community in Egypt. This charter aims to create a unified, organized, and cohesive environment for entrepreneurs and startups, helping them navigate the various challenges they face. The groups are also working on finalizing a unified definition of what constitutes a startup in Egypt, ensuring that the legal and regulatory landscape supports this growing sector effectively.

In addition to these efforts, the groups are developing short-term measures and amendments to support startups, such as reducing the barriers that lead to the migration of startups from Egypt to other markets. The group is also working on a proposal to create a central body responsible for expediting the processes related to establishing startups in Egypt. This body would streamline the procedures for setting up businesses, making it easier to navigate the licensing and registration processes. H.E. Dr. Al-Mashat explained that this initiative will be supported by international experts from the Organization for Economic Cooperation and Development (OECD), who will assist in training the relevant authorities and helping to align Egypt's approach with international best practices.

Furthermore, the group is examining proposals for providing additional incentives to attract investments from large corporations into startups. By fostering an environment that encourages private sector investment in startups, H.E. Dr. Al-Mashat emphasized that Egypt can accelerate the growth of its entrepreneurial ecosystem, supporting the development of high-impact, innovative companies that can contribute to Egypt’s economic diversification and job creation efforts.

H.E. Dr. Al-Mashat concluded her remarks by reaffirming that the government’s efforts to support entrepreneurship are aligned with the country’s broader development objectives, including the creation of an environment where innovation thrives, and private sector participation is central to the nation’s growth. Through these efforts, the Minister underscored the importance of entrepreneurship in driving Egypt’s future economic success and achieving the broader goals of sustainable and inclusive development.