Egypt launches Entrepreneurship and Startups unit headquarters
CAIRO – 23 May 2024: Egypt has launched the headquarters of the Entrepreneurship and Startups Unit at the General Authority for Investment and Free Zones (GAFI). The inauguration was presided over by Hossam Heiba, the CEO of GAFI.
Heiba stated that the establishment of the unit aligns with the directives of President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly to create a dedicated platform to support entrepreneurs and startups. The unit will serve as a hub for communication between the government and the entrepreneurial community, allowing for the identification of challenges faced by startups and the development of appropriate solutions.
The unit’s electronic platform will provide a comprehensive overview of the entrepreneurship ecosystem in Egypt, including information on government support services, financing options, and the startup environment. Additionally, Heiba announced the formation of a voluntary advisory council composed of private sector representatives and entrepreneurs, who will work to propose policies, laws, and regulations that foster the growth and prosperity of emerging companies in the country.
One of the key priorities for the Entrepreneurship and Startups Unit is to develop a clear and specific definition for startups and entrepreneurship projects. This will facilitate their access to the incentives outlined in the Medium, Small, and Micro Enterprise Development Law of 2020. The unit will also inventory and analyze the current procedures and incentives available to startups, to propose a new set of support measures and activate mechanisms to reduce the exit time for startup companies.
Head of the Central Entrepreneurship Department at GAFI, Hossam Abdel Qader, highlighted that the unit’s headquarters will include specialized offices for electronic establishment procedures, responding to inquiries, and receiving proposals, complaints, and challenges from startup representatives.
