Egypt's Finance Minister Unveils Ambitious Plans to Boost Startup Ecosystem

Egypt's Finance Minister Unveils Ambitious Plans to Boost Startup Ecosystem

By Staff Writer, 29 January 2024

Egypt's Minister of Finance, Mohamed Maait, has expressed the government's commitment to bolstering support for startups across various technological domains, including finance, industry, and services.

The announcement came during a meeting with representatives from "Cyberport," the prominent technology business hub located in Hong Kong.

The discussions, held on the sidelines of the Asian Financial Forum, centered around enhancing bilateral cooperation in the digital technology sector, with a particular emphasis on nurturing environmentally friendly startups aligned with global strategies addressing climate change challenges.

During the meeting, Minister Maait highlighted Egypt's dedication to providing a conducive environment for entrepreneurs, offering a range of incentives to foster the growth of startups.

The objective is to cultivate a robust digital economy that empowers individuals, sectors, and companies to boost productivity and sustain economic growth.

Emphasizing the government's proactive measures, Minister Maait underscored the ongoing efforts to digitize business systems across various sectors, especially those aligned with developmental priorities.

This initiative is in line with the leadership's commitment to maximizing digitization and its applications, recognizing their pivotal role in accelerating economic development, enhancing the business environment, and attracting investments.

Furthermore, Minister Maait outlined the positive impact of digitizing the tax system, citing improvements in efficiency, enhanced collection processes, and the integration of the informal economy into the formal sector.

This transformative step contributes to increased spending on developmental needs, thereby positively influencing the lives of citizens and the quality of services they receive.

The minister's remarks highlight Egypt's strategic approach to leveraging digitalization for economic advancement and societal well-being.

Source: Daily News Egypt

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