Highlighting the ministry's efforts, Talaat revealed that the training budget has increased 34-fold over the past five years, from EGP 50 million in 2018/2019 to EGP 1.7 billion in the current fiscal year
Egypt's Minister of Communications and Information Technology (MCIT), Amr Talaat, discussed the role of Egypt's Digital Creativity Centers in empowering entrepreneurs to acquire technical, economic, marketing, and financial skills. He highlighted that these centers have facilitated networking between startups and investors, leading to $40 million in investments for 40 companies in Cairo and Giza over the past two years, and the incubation of over 5 startups in the governorate-based centers.
The number of these centers has grown from 3 to 20, to establish one in every governorate in the next fiscal year. Highlighting the ministry's efforts, Talaat revealed that the training budget has increased 34-fold over the past five years, from EGP 50 million in 2018/2019 to EGP 1.7 billion in the current fiscal year.
Furthermore, the number of trainees has grown from 4,000 to 400,000 during the same period.
Talaat explained the ministry's four-pillar strategy to support startups in the communications and information technology sector. This includes providing digital skills training, building entrepreneur capabilities, facilitating startup establishment procedures, and promoting an entrepreneurial culture.
To further support startups, the MCIT minister announced measures to streamline establishment procedures, including reducing the capital requirement for one-person companies from EGP 50,000 to 1,000, enabling virtual headquarters, and launching a digital platform for remote company formation. Additionally, a whitelist system has been introduced to facilitate the import of electronic components for startups in the electronic design and circuits field.
On the sidelines of the summit, a memorandum of understanding was signed between the Information Technology Industry Development Authority (ITIDA) and RiseUp, aimed at stimulating entrepreneurship and enhancing the use of artificial intelligence technology in the communications and information technology sector, as well as in various other industries.
Talaat made the remarks during the opening ceremony of the 11th edition of RiseUp Summit, which was held on May 16 to 18 under the auspices of Prime Minister Mostafa Madbouly.
