Egypt aims to boost economic growth by supporting startup sector

Dr. Mostafa Madbouly, the Prime Minister of Egypt, held a meeting yesterday evening to follow up on the activity of startup companies and ways to support them.

At the beginning of the meeting, the Prime Minister stated that the goal of the meeting is to work on solving the problems and challenges facing startup companies, in order to give them a strong boost during this stage.

This is in line with the directives of President Abdel Fattah El-Sisi, President of the Republic, regarding the necessity of supporting the startup sector as a pivotal engine for economic growth.

This is also due to its role in enhancing competition mechanisms in technological fields, in addition to providing further job opportunities for youth.

During the meeting, the Minister of Communications and Information Technology referred to recent meetings and discussions held with a number of officials from relevant ministries and entities to discuss the problems and challenges facing startup companies.

These issues were identified during a number of meetings with the officials of those companies, as well as small and medium-sized enterprises.

He also mentioned that a number of solutions and proposals have been reached to facilitate the work of these companies and projects.

He confirmed that work is currently underway to eliminate such problems and challenges in cooperation and coordination with various relevant entities, in an effort to achieve the launch of new companies and stimulate economic growth.

Egypt's economy is witnessing a positive development trend, with a growth rate of 5.4% in the fourth quarter of 2021, despite the challenges posed by the COVID-19 pandemic.

The government has been implementing a series of economic reforms, including supporting the private sector and facilitating investment, which have helped attract more foreign investment and create new job opportunities.