Government pursues its plan to create supportive business setting for entrepreneurship

MIIC, MCIT agree on presence of Your Idea, Your Company initiative at University innovation technology hubs to reach higher number of youth

The Minister of Communications and Information Technology, Amr Talaat and the Minister of Investment and International Cooperation, Sahar Nasr, have agreed on allowing the Your Idea, Your Company initiative to be present in technological innovation hubs in universities in order to reach higher number of young people. This was decided during their meeting as a follow-up to the protocol which was signed between the two ministries in August in order to create a supportive business environment for entrepreneurship, empower Egyptian youth to develop their creative capabilities, and stimulate the local and international private sector and international financial institutions to invest in startups and the Egyptian Information and Communication Technologies sector.
Nasr highlighted that the Your Idea, Your Company initiative will provide training services on entrepreneurship, guidance and direction to develop concepts of of young adults in universities, as well as act to raise their legal awareness about how they can establish companies.
Talaat explained that the first phase of the initiative of establishing technological innovation hubs in universities, includes implementing eight centres in universities outside Cairo. These hubs will have technological laboratories for integrated software and systems, electronics' design, technological incubators for businesses, joint business spaces for startups and specialised training rooms in different fields.
Both ministers perused the activities that were accomplished in the Your Idea, Your Company initiative, which aims to build and accelerate the growth of Egyptian entrepreneurs to develop innovative businesses in today's competitive economy.
Nasr said that the ministry is working with international financial institutions to support the Your Idea, Your Company initiative, pointing out that effort is being continuously undertaken on supporting the integrated system of entrepreneurs, which is one of the priorities of the political leadership at this stage.
The minister also highlighted the importance of working to increase the number of start-up companies participating in the Your Idea, Your Company initiative, and completing the joint promotional campaigns of the initiative in in different governorates through its bus tours company which is sponsored and supported by the two ministries.
Meanwhile, the minister of communications stressed the ministry's interest in supporting technological innovation and entrepreneurship among young people, and pointed out that exploits are currently underway to implement ambitious plans which target using post offices as outlets to provide lending services to entrepreneurs, in coordination with banks, which would help augment the government's efforts to achieve financial inclusion and develop microenterprises.
On a different note, both sides agreed to increase their cooperation between the two ministries in order to develop investment zones, the mechanisation of the investor services centre and its branches in governorates, investment locations, as well as free zones.