Egypt’s General Authority for Investment and Free Zones has helped establish 40 startups from 200 pitches submitted to its Entrepreneurship Center, according to authority chairman Mohamed Awad.
Awad shared the figure during the third round of the “Egypt Can Export” initiative, launched by the Ministry of Investment in Damietta. He said the authority supports companies from the initial idea through incorporation.
The startups can access several establishment incentives, including an exemption from stamp duty. Equipment is also eligible for a unified customs duty rate of 2%, while imports from countries that have agreements with Egypt, including the European Union, qualify for a full customs duty exemption, according to Awad.
Source: Al Shorouk
