Minister of Planning and Economic Development and International Cooperation Rania A. Al-Mashat participated in the American Chamber of Commerce in Cairo's announcement of a new Entrepreneurship and Innovation Committee. Al-Mashat highlighted the Egyptian government's commitment to fostering entrepreneurship and its efforts to create a supportive environment for startups. The event, attended by Financial Regulatory Authority Chairman Mohamed Farid and Prime Minister's Advisor for Entrepreneurship Amr El-Abd, among other stakeholders, showcased the government's active role in supporting the sector. Al-Mashat praised the American Chamber of Commerce's initiatives, citing its effectiveness in facilitating dialogue and networking between Egyptian and international businesses and the government. She specifically mentioned the chamber's Banking Committee and its annual "Tarq Al-abwab" mission to the United States as examples of successful initiatives. Al-Mashat emphasised the government's proactive approach to supporting entrepreneurship, noting the establishment of three ministerial committees focused on industrial development, human capital development, and entrepreneurship. These committees, she explained, are crucial for coordinating policies across various government bodies. The minister underscored the government's commitment to a bottom-up decision-making process, ensuring all stakeholders are heard. To address key challenges, four working groups have been established. One focuses on developing financing mechanisms, while another aims to streamline existing government initiatives. Al-Mashat highlighted the significant government investment in incubators, awareness campaigns, and innovation support. However, she stressed the need for greater coordination and a comprehensive strategic framework. The working groups are currently developing a "Startup Charter," a document outlining recommendations and priorities for both government and private sector support. This charter will consolidate numerous previous reports and recommendations, including 433 collected to date, many of which have already been implemented. Al-Mashat acknowledged the remaining work needed to implement the others. Financing remains a significant challenge, Al-Mashat noted. While significant support from international financial institutions like the International Finance Corporation (IFC), the World Bank, and the European Bank for Reconstruction and Development (EBRD) demonstrates confidence in the Egyptian market, the minister stressed the need for improved financing mechanisms and strategies to retain talent and attract further investment in a competitive regional landscape. Al-Mashat emphasized the need for efficient resource allocation and a strategic approach to ensure all aspects of the entrepreneurship ecosystem contribute to economic goals. She highlighted the significant opportunities available if efforts are effectively coordinated, urging closer government-private sector collaboration to develop and implement effective growth strategies. The minister concluded by stressing that entrepreneurship and innovation are foundational for sustainable economic development and are crucial for achieving qualitative economic shifts, echoing concerns raised in the World Bank's report on the "Middle-Income Trap."
