Madbouly Instructs Creation of New Entrepreneurship-Centered Ministerial GroupSource: www.export-egypt.com 9/11/2024, Location: Africa |
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The Prime Minister has instructed the cabinet to form a new ministerial group dedicated to fostering entrepreneurship and bolstering Egypt’s entrepreneurial landscape.
PM Mostafa Madbouly issued a decree for the establishment of the new group, outlining its structure and objectives and will be led by the Minister of Planning and Economic Development, along with key members from various sectors. According to the decree, the group's primary mission is to enhance the capacity of startups and the overall entrepreneurial environment to achieve sustainable and accelerated economic growth. The group aims to foster competitiveness, promote knowledge-driven development, and create decent job opportunities. The ministerial group will include the Minister of Communications and Information Technology, the Minister of Higher Education and Scientific Research, the Minister of Finance, the Minister of Supply and Internal Trade, the Minister of Investment and Foreign Trade, the CEO of the Small and Medium Enterprises Development Agency, and representatives from the Ministry of Industry, the Central Bank of Egypt, and the Financial Regulatory Authority. The Entrepreneurship group’s goals include coordinating government efforts to implement supportive policies for startups, maximizing the local economy’s benefit from these enterprises as a driver of rapid growth, assisting startups in accessing international markets, and connecting sectoral challenges with innovative solutions provided by new businesses. The group also aims to address the migration of entrepreneurs outside the country by supporting female and youth entrepreneurs and backing their startups. The ministerial group will be responsible for approving a coordination framework and mechanisms for its implementation and follow-up, creating and managing joint programs to support startups with resources and expertise from various ministries, and proposing policies, laws, and regulations to achieve its main objectives. It will also ensure alignment among government activities and initiatives to prevent policy and legislative conflicts. Additional responsibilities will be assigned by the Prime Minister. When the Prime Minister is present, he will chair the group’s meetings, with attendance from the Deputy Prime Minister for Industrial Development, the Ministers of Industry and Transport, the Central Bank Governor, and the Head of the Financial Regulatory Authority. The group is required to produce periodic reports detailing its activities, recommendations, and implementation strategies, which will be presented to the Prime Minister. |
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