Prime Minister Moustafa Madbouly chaired the second meeting of the Entrepreneurship Ministerial Committee yesterday, alongside committee head, Planning, and International Cooperation Minister Rania Al Mashat and other senior government officials, to discuss ways to boost the startup landscape in the country, according to a cabinet statement. Madbouly also met earlier yesterday with representatives from ten local startups operating across 14 countries with a combined market value of USD 3 bn to discuss how the government can support the sector.

Eying 10x growth: The ministerial group is ready to provide all necessary support to startups and will work to remove any obstacles, Madbouly said. The Prime Minister’s advisor Amr El Abd will oversee government efforts to boost the sector, with an aim to bolster the size of investments in the sector to USD 5 bn from USD 500 mn over an unspecified timeline. Madbouly noted that Egypt has the talent pool needed to make significant strides in the sector.

Four working groups take the helm: Al Mashat outlined the ministerial committee’s progress so far, which include establishing a technical secretariat jointly headed by the Planning Ministry and the General Authority for Investment and Freezones. The group has also set up four specialized working groups focused on policy frameworks and funding, startup initiatives and projects coordination, global market access while retaining local talent, and connecting sector challenges with innovative startup solutions.

Charter in the works: Al Mashat said the meeting reviewed a proposed charter for Egypt’s startup community that would act as a roadmap for growth and sustainability. The group also discussed proposals for a unified startup definition, incentives to encourage large companies to invest in startups, and features of the Egypt Innovate platform, launched by ITIDA’s Technology Innovation and Entrepreneurship Center (TIEC).

Tags: