Egypt’s Minister of Planning , Rania A. Al-Mashat, participated in the American Chamber of Commerce in Cairo’s event about announcing the newly-formed Entrepreneurship and Innovation Committee. She underscored the Egyptian government’s commitment to fostering entrepreneurship. Speaking at the event, Al-Mashat highlighted ongoing efforts to create a supportive ecosystem for startups, emphasizing the importance of facilitating dialogue and collaboration between the private sector, government, and international businesses.
Attended by Financial Regulatory Authority Chairman, Mohamed Farid, and Prime Minister’s Advisor for Entrepreneurship Amr El-Abd, the event celebrated the government’s proactive role in developing the sector. Al-Mashat pointed to the success of initiatives like the American Chamber of Commerce’s Banking Committee and the annual “Tarq Al-abwab” mission to the United States as examples of fostering international relations and promoting Egyptian entrepreneurship abroad.
The minister also noted the establishment of three ministerial committees focused on industrial development, human capital development, and entrepreneurship. These committees are integral to aligning government policies across sectors. Al-Mashat further emphasized the government’s commitment to a bottom-up decision-making process, ensuring broad stakeholder involvement in shaping policy.
To address challenges faced by the startup ecosystem, Al-Mashat discussed the formation of four working groups, each tackling crucial areas such as financing mechanisms and the streamlining of existing government initiatives. The minister noted significant government investment in incubators, awareness campaigns, and innovation support, but called for enhanced coordination and the development of a comprehensive strategic framework to further strengthen the sector.
“Startup Charter” consolidates recommendations from 433 reports, many of which have already been implemented. Al-Mashat acknowledged that further work is needed to fully execute the remaining recommendations, particularly in the area of financing, which continues to be a significant challenge.
Al-Mashat concluded by stressing that the efficient allocation of resources and strategic collaboration between the government and private sector are essential for achieving sustainable economic development. She reiterated that entrepreneurship and innovation are central to overcoming the “Middle-Income Trap,” as highlighted in the World Bank’s recent report, and are crucial for fostering long-term economic growth and transformation in Egypt.
