Egypt Considers Establishing an Economic Zone in Knowledge City to Support Startups
Dr. Mostafa Madbouly, the Prime Minister of Egypt, reviewed the latest report on the implementation of the action plan derived from the national dialogue until mid-March. He highlighted the significance of these initiatives, which enjoy substantial support from President Abdel Fattah el-Sisi, emphasizing the President’s continuous directives towards quickly transforming the recommendations and outcomes into practical plans that contribute to achieving desired goals across various sectors.
To achieve this aim, Madbouly mentioned the formation of a joint coordination group comprising representatives from the Cabinet and officials responsible for the national dialogue. This group is tasked with monitoring and implementing the recommendations and outputs of the dialogue’s various themes. He affirmed his commitment to closely follow the committee’s work and to meet with them soon.
In the social aspect, the report touched on measures taken to enhance the legislative and institutional framework to support entrepreneurship and the launch of a national strategy for this purpose in Egypt. This includes coordinating among concerned parties to draft the final version of the strategy and expanding entrepreneurial projects in free zones.
The report also mentioned studying the potential establishment of an economic zone in the Knowledge City and the formation of a special unit to support entrepreneurs and startups in Egypt. This unit will coordinate comprehensively among relevant entities to provide a conducive environment for startups and resolve legal and procedural challenges they face, in addition to offering technical support and training.
Finally, as part of efforts to improve the legislative and institutional framework for entrepreneurship, the announcement was made regarding the establishment of 20 “Digital Egypt” innovation centers across provinces, and the signing of a cooperation protocol between the Medium, Small, and Micro Enterprise Development Agency and “eAswaaq Misr,” affiliated with the “e-Finance for Financial and Digital Investments” group. This collaboration aims to manage, operate, and market the first electronic platform that combines entities providing financial and technical support to medium, small, and micro-enterprises. This cooperation seeks to facilitate entrepreneurs’ access to essential services for the success and expansion of their projects, reflecting the state’s interest in enhancing the business environment and supporting innovation and creativity in the field of entrepreneurship.
Through these initiatives, the Egyptian government demonstrates its commitment to achieving economic growth and sustainable development by bolstering the entrepreneurship sector and supporting startups. These steps are part of broader efforts to stimulate innovation and technology in the country, aiming to create new job opportunities and enhance Egypt’s economic competitiveness on the international stage.
