Minister of Planning, Economic Development and International Cooperation Reviews the Efforts of the Ministerial Group for Entrepreneurship in Stimulating Egypt's Startup Ecosystem

During the activities of "Egypt Innovation Week" held under the patronage of the Ministry of Planning, Economic Development, International Cooperation and the Ministerial Group for Entrepreneurship

 

Minister of Planning, Economic Development and International Cooperation Reviews the Efforts of the Ministerial Group for Entrepreneurship in Stimulating Egypt's Startup Ecosystem

 

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Chairperson of the Ministerial Group for Entrepreneurship, reviewed the efforts of the Ministerial Group for Entrepreneurship in supporting Egypt's startup environment and stimulating innovation, in light of the great importance the state places on this vital sector.

This came during her speech at the Investors of the Mediterranean event, which is being held as part of Egypt Innovation Week and the Techne Summit, under the patronage of the Ministry of Planning, Economic Development and International Cooperation and the Ministerial Group for Entrepreneurship.

 

The Minister of Planning, Economic Development and International Cooperation reiterated that the convening of Egypt Innovation Week represents an important platform to highlight the pivotal role of entrepreneurship and innovation in enhancing the competitiveness of the Egyptian economy.

 

She added that the Egyptian state gives increasing importance to entrepreneurship as a fundamental pillar for sustainable growth. This is emphasized by “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience”, which aims to transition to an economy based on higher-productivity sectors by empowering the private sector, enhancing macroeconomic stability, and developing policies that stimulate structural reforms.

 

Dr. Al-Mashat noted that this direction was reflected in the launch of the Ministerial Group for Entrepreneurship by a decision of the Prime Minister, which includes all relevant bodies, with the aim of enabling startups and supporting the innovation environment to achieve sustainable economic growth based on competitiveness and knowledge. Since its establishment, the Group has worked in a participatory manner with the entrepreneurship community, including company founders, investors, and civil society, in line with international best practices.

 

Minister Al-Mashat also mentioned that startups have become a key engine for economic development by providing innovative solutions to development challenges, creating decent job opportunities, and driving knowledge- and technology-based growth. She explained that despite recent economic challenges, Egypt has witnessed unprecedented growth in the startup sector, attracting $2.2 billion in investments since 2020.

 

The Minister revealed that the Group is currently preparing a guide to governmental services and licenses directed at startups in 14 fast-growing sectors. This guide will include comprehensive data on required documents, timeframes, legal procedures, and expected costs, thereby enhancing transparency for entrepreneurs. She confirmed that this package will be announced soon in the upcoming "Startup Charter in Egypt."