CAIRO – 23 May 2024: Egypt has opened the headquarters of its Entrepreneurship and Startups sector at the General Authority for Investment and Free Zones (GAFI). The opening ceremony was presided over by GAFI CEO Hossam Heiba.
Heiba said the establishment of the unit is in line 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 act as a hub of 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 Egypt’s entrepreneurial ecosystem, including information on government support services, funding options and the startup environment. Additionally, Heyba announced the formation of a voluntary advisory committee made up of private sector representatives and entrepreneurs that will work to propose policies, laws and regulations that will foster the growth and prosperity of startups in the country.
One of the key priorities of the Entrepreneurship and Startup Unit is to create a clear and specific definition of startups and entrepreneurial projects, which will facilitate access to incentives outlined in the Small, Medium and Micro Enterprises Development Act, 2020. The Unit will also inventory and analyze the current procedures and incentives available to startups, propose a set of new support measures and enable mechanisms to reduce the exit time for startups.
Hossam Abdel Kader, head of GAFI’s Central Entrepreneurship Sector, stressed that the sector’s headquarters will have a specialized office to handle electronic incorporation procedures, respond to inquiries, and receive proposals, complaints and appeals from representatives of startups.
