Standard Chartered to open first branch in Egypt next Sept.– official    German Thyssenkrupp nears deal to build Egypt green hydrogen plant – CEO    Egypt's stocks end lower on Monday as benchmark EGX 30 slides 0.34%    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

MIIC, MCIT sign protocol to promote Egypt's regional position in entrepreneurship, investment
Agreement includes promotion of investment in field of entrepreneurship, establishment of investment zones for emerging companies
Published in Daily News Egypt on 14 - 08 - 2018

The Ministries of Communications and Information Technology and Investment and International Cooperation signed a cooperation protocol aimed at creating a supportive environment for entrepreneurship, developing innovative youth capabilities, attracting global investments in the ICT (International Telecommunication, Information Technology, Networking, Computing, Satellite and Broadcasting Trade Fair and Forum for the Middle East and Africa) and stimulating investments in emerging companies.
This comes as part of the Egyptian government's efforts to support innovative young entrepreneurs and providing them with the tools to develop their potential, thus enhancing their chances of competing in international markets.
Under the protocol, cooperation and integration frameworks between the two ministries will be activated through the formation of a joint technical committee to create a supportive business environment aimed at an economy based on information technology innovation, empowering young people to develop their creative capacities, and stimulating the local and international private sector, international financial institutions to invest in emerging companies, and developing the entrepreneurial environment that will qualify Egypt as a regional hub for entrepreneurship in Africa and the Middle East.
The protocol includes the development of a joint strategy to attract foreign and domestic investments in the field of ICT in Egypt, including the establishment of special investment zones for start-ups and their supporting institutions and the construction of a full value chain covering all phases of the development and growth cycle of emerging companies through the integration of roles and entrepreneurship programmes and initiatives implemented by the two ministries, including Your Idea, Your Company for entrepreneurship, Egypt's e-Creativity Platform, the Business Acceleration Programme at the Information Technology Industry Development Agency (ITIDA), and ‘Falak incubators.'
The protocol provides for the development of a clear strategy to support the digital economy in Egypt, with emphasis on enabling digital infrastructure, financial technology services, digital entrepreneurship, and digital skills embedded in digital platforms, and co-operation to increase access to non-banking financial services, by utilising the mail network.
The protocol also provides for the need to examine and implement the necessary legislative reforms to support the digital economy and the participatory economy, use international experts to hold joint workshops on specific topics, conduct joint capacity-building training courses and learn the latest global practices for business development and implementation in Egypt.
Minister of investment and international cooperation, Sahar Nasr said that the protocol includes the promotion of Egypt's investment map and its investment opportunities especially in the ICT sector and the joint development of the joint platform Your Idea, Your Company through a joint database that supports emerging companies, small and medium enterprises, in addition to developing a database of all the information about mutual funds, various financing institutions, and financing available to founders and start-ups.
In addition, they will launch a joint international promotional campaign to market Egyptian start-up technology companies, attract foreign investments, and relevant international actors, launch joint ventures for the platform and other initiatives.
The minister pointed out that the protocol includes many positive points, including the presence of representatives of the ministries and their affiliated bodies in the centres of investors' services, citizens' service centres and technology parks to provide different services for the ministries, establishment services, business development services, training programmes, incubators and all kinds of support.
Nasr stressed that the ministry aims to invest in the ICT sector, especially, after the recent legislations issued, including the investment law. She explained that investment opportunities will be put in the ICT sector within Egypt's investment map, with cooperation in the free zones.
For his part, minister of communications and information technology, Amr Talat said that the protocol is based on cooperation in three main areas, with a focus on the consolidation of efforts to attract new investments for the ICT sector
He explained that the platform will operate as one of the standard digital platforms for innovation, where the proposed start-ups will be introduced by the incubators and business accelerators of the two ministries, according to the appropriate path to the final stage of the selection of entrepreneurs.

Clic here to read the story from its source.