(MENAFN- Daily News Egypt) The Egyptian government plans to significantly increase investments in the entrepreneurship sector, from $500m to $5bn, Prime Minister Mostafa Madbouly announced Monday.
Madbouly made the announcement during a meeting with the heads and representatives of 10 leading entrepreneurial companies. He said the government recognises the importance of supporting entrepreneurship, especially given Egypt's youthful population.
“Everyone acknowledges that this is a promising sector, and we will translate this into the Egyptian Economy by providing the necessary support,” Madbouly said.
The government has established a special ministerial committee dedicated to entrepreneurship, under the leadership of the Minister of Planning and Economic Development, to remove any obstacles and promote entrepreneurship in Egypt. Madbouly also appointed Amr El-Abd as the Prime Minister's advisor on this issue, tasked with monitoring progress.
El-Abd highlighted the significant attention this sector is receiving from the Prime Minister, noting that the 10 companies represented at the meeting are among the fastest-growing in the region. These companies have a combined market value of $3bn, attracting $1.4bn in investments and generating revenue of $900m. They have also created approximately 45,000 jobs, contributing to increased competitiveness, productivity, and positioning Egypt on the global map of entrepreneurship.
“Efforts are underway to raise the size of this sector, aiming to increase investments from $500m to $5bn,” El-Abd said.
During the meeting, company representatives presented overviews of their businesses, highlighting investments secured, job creation, and challenges faced. Their companies specialise in various fields including financial technology, healthcare, real estate financing, stock exchange, consumer goods distribution, and retail financial services.
Madbouly expressed his pride in their accomplishments and reiterated the government's commitment to providing any necessary support. He underscored the ambitious target of increasing investments in the sector from $500m to $5bn and requested a detailed action plan outlining specific demands to achieve this goal.
Company representatives shared their perspectives on measures required to boost investments in the sector, pledging to collaborate in developing the required action plan to propel its growth.
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