H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in an event organized by Entlaq Holding to launch the second edition of its semi-annual report on Egypt’s entrepreneurship sector. The event was attended by Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority; Mr. Hossam Heiba, Chairman of the General Authority for Investment; Mohamed Ihab, Executive Director of Entlaq Holding; representatives from the Ministries of Communications, Investment, the Information Technology Industry Development Authority (ITIDA); and other members of the entrepreneurship and startup community.
In her speech, Al-Mashat emphasized the crucial role of the entrepreneurship and innovation sector in advancing economic development efforts. She referenced the World Bank's "Middle-Income Trap" report, which underscores the importance of innovation, entrepreneurship, and technology in low and middle-income countries to achieve sustainable and accelerated growth. She added that such growth cannot be achieved without supporting entrepreneurship and modern technology.
The Minister congratulated Entlaq Holding on the launch of their second report, noting that it is not merely an analytical study of the sector but also a reflection of our shared interest in this vital area and our ongoing efforts to advance it. She highlighted the significance of international partnerships, where every national strategy with international institutions includes a strong focus on inclusive economic growth, innovation, entrepreneurship, technical support, and financing.
She also discussed the Hub for Advisory, Finance and Investment for Enterprises platform, which provides comprehensive information on various financing tools offered by development partners, such as direct investment, commercial financing, concessional finance, and risk guarantees. These tools directly contribute to increasing the competitiveness of Egyptian companies and their capacity to expand.
Al-Mashat highlighted the importance of the forthcoming period, reaffirming the government's commitment to involving the private sector more actively in economic development efforts. She pointed to the crucial role of startups and explained that the Ministry is working on several programs to support this sector. Among these is the UN Joint Working Group on Technology and Innovation initiative (JTDI), which aims to design innovative and unconventional government projects based on the latest technologies and capable of attracting funding from development partners.
The Minister stated that innovation and creativity are the primary drivers of sustainable economic growth amid rapid global transformations. She noted that the innovation and creativity of Egyptian youth, with their ability to adapt to various challenges, make them a driving force for development across different sectors. She explained that startups are key to this development, continuously striving to grow and expand by offering innovative solutions that meet market needs, create new job opportunities, and enhance economic competitiveness for sustainable growth.
She also mentioned that the Ministry of Planning, Economic Development, and International Cooperation is collaborating with national entities and international development partners to promote entrepreneurship as a major growth driver. The Ministry aims to create an environment that supports innovation and provides opportunities for startups through international partnerships with various development partners. This includes supporting startup expansion and access to global markets through programs like Business Egypt and Trade, in partnership with the U.S. Agency for International Development (USAID).