{"id":656342,"date":"2024-12-03T00:00:00","date_gmt":"2024-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/03\/the-lowdown-on-the-governments-new-entrepreneurship-ministerial-committee\/"},"modified":"2024-12-03T00:00:00","modified_gmt":"2024-12-03T00:00:00","slug":"the-lowdown-on-the-governments-new-entrepreneurship-ministerial-committee","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/03\/the-lowdown-on-the-governments-new-entrepreneurship-ministerial-committee\/","title":{"rendered":"The lowdown on the government\u2019s new Entrepreneurship Ministerial Committee"},"content":{"rendered":"

The<\/strong> government\u2019s new Entrepreneurship Ministerial Committee has big <\/strong>plans in <\/strong>store:<\/strong> The recently formed Entrepreneurship Ministerial Committee has announced ambitious plans to increase investments in Egypt\u2019s startups tenfold to USD 5 bn in the coming period. But how exactly does the government plan to reach this lofty goal? EnterpriseAM spoke with Planning, Economic Development, and International Cooperation Minister Rania Al Mashat who serves as the committee head to get the inside scoop on how the committee will work as the government executes its plan to position Egypt as a regional startup hub.<\/p>\n

It\u2019s the right time to double down on startups: <\/strong>Entrepreneurship is witnessing significant growth globally, with the startup ecosystem representing a promising sector for our future economic growth, Prime Minister Mostafa Madbouly said during a recent meeting<\/a> with representatives of ten local startups. Madbouly noted that Egypt\u2019s relatively youthful population is a key asset in this field, adding that the government is committed to translating the sector\u2019s potential into economic growth through \u201crobust support.\u201d<\/p>\n

THE DETAILS-<\/p>\n

The committee aims to strengthen the startup ecosystem: <\/strong>Among the committee\u2019s primary goals is strengthening the capacity of startups and the overall entrepreneurial climate, with an eye toward spurring sustainable growth and generating a greater number of high-quality jobs, Al Mashat told us. The committee will also be responsible for maximizing the local economy's benefit from startups, helping startups access international markets, linking sectors facing pressing challenges with innovative solutions from local startups, and reducing brain drain, she added. Additionally, the committee will be tasked with studying international entrepreneurship best-practices to be applied in line with the needs of the Egyptian market, Al Mashat noted.<\/p>\n

The committee also plans to place a particular emphasis on youth and women in rural<\/strong> and underdeveloped areas<\/strong>, linking pressing challenges in these areas with innovative solutions offered by local entrepreneurs, Al Mashat said.<\/p>\n

The nuts and bolts:<\/strong> The committee will be headed by the Planning and International Cooperation Ministry and includes members from the CIT, higher education, finance, supply, investment, and industry ministries, as well as the head of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and representatives from the Central Bank of Egypt and the Financial Regulatory Authority (FRA). The committee\u2019s technical secretariat was formed last month<\/a>, and is jointly headed by the Planning Ministry and the General Authority for Investment and Freezones (GAFI). The group has also set up four specialized working groups focused on developing policy frameworks and accessing funding, managing startup initiatives and project coordination, ensuring global market access while retaining local talent, and finding solutions to sector challenges. A possible merger with the cabinet\u2019s permanent entrepreneurship unit could also be on the cards, Al Mashat added.<\/p>\n

The committee has also established a set of short-, medium-, and long-term goals,<\/strong> including: <\/strong><\/p>\n