The Deputy Minister of Planning pointed out the role of several entities in the Egyptian state in supporting start-ups and small and medium-sized enterprises.
Egypt takes steps to improve business climate and attract foreign investment - Press Photo
Egyptian Deputy Minister of Planning and Economic Development, Dr. Ahmed Kamali, received a delegation from South Korea during their visit to Egypt, which hosts the Egyptian Business Reform and Competitiveness Initiative "Erada" under the supervision of the Ministry of Planning in cooperation with the European Bank for Reconstruction and Development (EBRD), against the backdrop of the ongoing cooperation between the two sides in the field of policy formulation and legislative studies aimed at creating an attractive legislative environment for investment and financing start-ups in Egypt.
During the meeting, Dr. Ahmed Kamali emphasized the importance of start-ups, referring to the efforts of the Ministry of Planning in this regard, represented in the "Pioneers 2030" project, which helps young people and entrepreneurs turn their ideas into real projects, in addition to the role of the National Institute for Governance and Sustainable Development and the training programs it offers to support youth and entrepreneurs.
The Deputy Minister of Planning pointed out the role of several entities in the Egyptian state in supporting start-ups and small and medium-sized enterprises, emphasizing the importance of integration between those efforts and working on an effective strategy to support start-ups, small and medium-sized enterprises.
According to the latest economic census data issued in Egypt, Dr. Ahmed Kamali explained that there is a very high percentage of micro and small projects, while there is a limited number of medium-sized projects, confirming that in this regard, efforts must be made to develop small and micro projects to turn them into medium-sized projects, which are characterized by high productivity, and they are the largest in terms of production among such companies.
Dr. Ahmed Kamali also emphasized that Egypt has a large workforce, stressing the importance of training that workforce in various Egyptian governorates in order to achieve the main goal, which is to increase productivity.
Dr. Heba El-Shaheen, the Executive Director of the Egyptian Business Reform and Competitiveness Initiative "Erada," explained that the Korean delegation's visit comes as part of a series of mutual visits between the two countries, preceded by a visit by an Egyptian delegation chaired by "Erada" to Korea last year.
Egypt has made significant progress in improving its business climate in recent years. According to the World Bank's 2022 Doing Business report, Egypt ranks 112th out of 190 countries in terms of ease of doing business, a significant improvement from its ranking of 142nd in 2018.
The report also notes that Egypt implemented the most reforms in the Middle East and North Africa region during the period of 2018-2021. Additionally, Egypt has been taking steps to attract more foreign investment, such as enacting a new investment law in 2017 that offers incentives to investors and streamlines the investment process.
