Dr. Rania Al-Mashat Holds an Extensive Consultative Dialogue with Representatives of the Entrepreneurship Community 

H.E. Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation, and Chairperson of the Ministerial Group for Entrepreneurship, held a consultative meeting that included representatives from venture capital funds, law and consultancy firms, the startup community, entrepreneurship support sectors, and relevant national entities. The meeting aimed to review the group’s work roadmap, introduce the technical working groups that were formed, and discuss the key proposals and challenges needed for sector growth, to be presented at the second meeting of the ministerial group. This initiative supports the government’s efforts to create a conducive environment for startups and promote entrepreneurship to build a competitive economy that attracts investments. The meeting was attended by H.E. Dr. Gehan Saleh, Economic Advisor to the Prime Minister.

startup community

At the outset of the meeting, H.E. Dr. Rania Al-Mashat welcomed the participants from the business and startup community and outlined the Prime Minister’s decision to establish the Ministerial Group for Entrepreneurship. This step underscores the significant importance that the state places on this vital sector, which is heavily relied upon to drive job creation, foster a favorable business environment, and stimulate development across various sectors while leveraging innovative ideas. She affirmed that the establishment of the Ministerial Group for Entrepreneurship came at a pivotal time, as the state successfully reinforced macroeconomic stability through the implementation of a national program of economic and structural reforms, overcoming numerous challenges previously faced by the business environment and the startup sector.

great opportunity

H.E. Al-Mashat noted that the group has a great opportunity to make tangible progress in entrepreneurship, harnessing the significant support provided by the Prime Minister. She emphasized that the economic ministerial group operates in an integrated and fully coordinated manner to uplift the Egyptian economy. “We are open to any decisions or legislation that pave the way for startups, strengthen their role in the national economy, preserve Egyptian talent, position Egypt as a pivotal regional hub for startups and entrepreneurship, and empower Egyptian startups to reach global markets,” she stated.

supporting

The minister also highlighted the structural reform program executed by the government, which is based on three main pillars: supporting macroeconomic stability and resilience, under which relevant legislation and decisions are enacted; improving the business environment and enabling the private sector; and advancing the transition to a green economy. She pointed out that any decision taken to support the startup sector will reinforce the national structural reform program.

initiatives

During the meeting, H.E. Al-Mashat presented the map of national entities that support entrepreneurship and innovation and detailed the role of the Ministerial Group for Entrepreneurship in coordinating between these initiatives and entities to avoid duplication of support mechanisms and maximize benefits. She also showcased the formation of the secretariat and the working groups under the ministerial group that focus on policy and legislative drafting, coordination between initiatives, market access, and linking startups to developmental challenges.

entrepreneurial ecosystem

She stressed that each working group comprises members directly involved in the entrepreneurial ecosystem, whether in legal, technical, or financial aspects, as well as integration between representatives of parliamentary councils, national entities, and the private sector. This approach ensures the development of the best ideas and proposals that foster an innovative environment for startups. “Active and continuous participation in these committees is crucial to achieving the desired outcomes,” the minister underscored.

reviewing the laws

H.E. Al-Mashat indicated that over the past weeks, the secretariat of the ministerial committee had been reviewing the laws and regulations governing startups in Egypt, which exceed 35 documents, and examining major international studies and reports on startup challenges. The committee has compiled key proposals and recommendations inspired by other countries’ experiences and legislation that stimulate the sector.

goals

The meeting discussed various proposals related to the short-, medium-, and long-term goals of the Ministerial Group for Entrepreneurship, as well as future directions. Additionally, a unified proposed definition for startups was reviewed, which would help establish a clear framework for policy-making and effective resource allocation. The proposal for activating incentives that encourage major companies to invest in startups through Corporate Venture Capitals, either directly or via venture capital funds, was also discussed. This model has proven effective internationally, channeling substantial investments into startups in several markets.

views

The discussions during the meeting were dynamic, with participants exchanging views on the main needs for the coming phase. Representatives from various startups shared success stories from other countries that stimulated startups and emphasized the need to simplify the process of registering startups in Egypt, increase financial and tax incentives for the sector, and establish a unified definition agreed upon by all stakeholders. This would facilitate the support and assistance required by startups. They also stressed the importance of enhancing incentives that encourage larger companies to invest in startups, ensuring the allocation of hundreds of millions of dollars to these enterprises and fostering integration between them while benefiting from the solutions startups offer across different sectors and industries.

investing in startups

The participants highlighted the importance of raising awareness about investing in startups, noting that Egypt has a golden opportunity to become not only a regional center for startups in the Middle East but also across Africa. This can be achieved by attracting African investment funds through increased competitiveness, stimulating investments, and simplifying entry procedures for investors. They also called for the state to promote measures that support the growth of family businesses, which globally play a significant role in bolstering startups and increasing investments.