Egypt Vision 2030 was launched in February 2016. The country’s long-term strategic plan was launched to achieve the principles and goals of sustainable development in all areas, and to mainstream them into the different state agencies for implementation.
Traditionally, Egypt has relied on tourism to buoy its economy, but as the pandemic showed – a strong economy is a diversified one – and this is precisely what Vision 2030 sets out to do for the Egyptian economy. The North African nation witnessed 11.7 million tourists in 2022, up from 8 million tourists the year before – a hard year due to global travel restrictions in place due to the Covid19 pandemic.
In the first 10 months of 2023, the country attracted a record 10 million tourists, however the recent Israel-Hamas war poses significant risk to tourism through the short term.
With Vision 2030, the focus is on the development of new industries like technology and renewable energy, hoping that the country will be able to build a more resilient and dynamic economy.
The plan is focused on the multiple pillars as outlined on the graph.
Investing in Egypt’s Startup Ecosystem
Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.
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