Egypt is seeking to become a regional hub for entrepreneurship and innovation, according to Mohamed Awad, CEO of the General Authority for Investment and Free Zones.
Awad discussed development finance, entrepreneurship and innovation during meetings with international and regional institutions held alongside the World Investment Forum. He said innovative and sustainable financing solutions are critical to supporting growth in developing economies amid global economic shifts.
He called for closer cooperation between international institutions and the private sector to develop alternative financing mechanisms that can support national development plans.
Awad said Egypt has introduced a strategy to support entrepreneurs and strengthen its innovation ecosystem. Measures include specialised investment zones for technology and entrepreneurship, incentives and tax exemptions for startups, online company incorporation procedures and access to the golden licence.
The investment authority is also working to support business incubators and help turn innovative ideas into businesses capable of growth, expansion and exports, he said.
Separately, Investment and Foreign Trade Minister Mohamed Farid said Egypt is working with the World Bank Group on a foreign direct investment strategy. The strategy aims to direct investment toward priority sectors, increase production and exports, and strengthen links between large projects and local industries.
Source: Al Mal News
