In a significant move to enhance Egypt’s business landscape, the Egyptian Lebanese Businessmen Association (ELBA) recently hosted a pivotal seminar titled “Entrepreneurship and Small Projects… A Partnership for Investment and Development.” The event brought together key government officials, investors, and business leaders to discuss new strategies for supporting the nation’s burgeoning startup and SME sector.
Forging Public-Private Partnerships for Growth
Engineer Fathallah Fawzy, Chairman of ELBA, opened the discussion by emphasizing the critical need for a robust partnership between the state and the private sector. He described this collaboration as a fundamental pillar for achieving sustainable economic development, highlighting that constructive dialogue is essential for creating an attractive and supportive environment for investment.
Echoing this sentiment, Mohamed Amin El-Hout, Chairman of the Industry Committee, noted that the seminar provides a valuable platform for connecting policymakers with entrepreneurs. This synergy is crucial for fostering a competitive business environment that encourages both investment and production.
New Investment Incentives and Tax Reforms Unveiled
A key highlight of the event came from Ahmed Zouhair, Head of the Central Administration for Foreign Investment Attraction at the General Authority for Investment and Free Zones (GAFI). Zouhair announced a new suite of incentives designed to attract both local and foreign capital. These measures include a cash-back provision allowing investors to recover a portion of their investment costs, alongside targeted tax and non-tax exemptions for industrial and innovative projects.
Furthermore, Zouhair revealed GAFI’s commitment to streamlining administrative processes, with a goal to digitize 70% of all investment services by 2026. This move aims to simplify company establishment by unifying government fees and reviewing regulations that currently impede business creation.
Rami Fathallah, Chairman of the Finance and Tax Committee, also commended the ongoing tax reforms and the automation of procedures, stating that these developments are crucial for modernizing the tax system and positioning investors as key partners in national economic growth.
Empowering the Next Generation of Entrepreneurs
The seminar also underscored the importance of nurturing homegrown talent. Hossam Abdel Qader, Head of the Central Administration for Entrepreneurship at GAFI, pointed to the success of national initiatives like “Fekretak Sherketak” (Your Idea, Your Company). He stressed that such programs are instrumental in raising awareness about available opportunities and providing essential support to early-stage startups.
Dr. Nour Raafat, Head of the Central Administration of the Technical Office, added that efforts are underway to ensure that serious, high-potential companies can easily access these incentives. He also mentioned new proposals aimed at supporting the artificial intelligence sector and enhancing services for investors, signaling a forward-looking approach to ecosystem development.
About The Egyptian Lebanese Businessmen Association
The Egyptian Lebanese Businessmen Association (ELBA) is a non-governmental, non-profit organization established to develop and promote economic, trade, and investment relations between Egypt and Lebanon. It serves as a key platform for dialogue and collaboration between business communities and governmental bodies in both nations.
Source: Arabs Voice
