Egypt's Finance Minister, Ahmed Kujuk, has revealed plans to collaborate with the Ministries of Investment and Industry to establish two funds aimed at supporting and backing specific activities and sectors. This initiative seeks to direct economic support in a more targeted and effective manner. The announcement was made during the "Teki Summit for Entrepreneurship and Technology".
The primary goal of digital transformation is to improve services provided to citizens by simplifying procedures and facilitating access to services in a more convenient and efficient way. The Minister highlighted the positive response of citizens to the "Real Estate Tax Mobile Application", with over 1.2 million citizens registered on the platform. The application is continuously being developed to further simplify and enhance the quality of services provided.
The Minister emphasized that dialogue with startups and entrepreneurs is a valuable source of inspiration, driving innovation and progress. Exchanging ideas with partners helps design more efficient systems tailored to the Egyptian reality. The "Simplified Tax System" is a purely Egyptian concept aimed at encouraging small businesses and stimulating their growth and expansion.
The Ministry of Finance is committed to providing easy financing for companies through the Small Enterprises Development Agency. The Minister stressed that the role of the Ministry is to support economic activity and stimulate growth while maintaining financial stability. The current budget allocates 80 billion pounds for programs supporting and stimulating production, exports, and entrepreneurship.
On the sidelines of the summit, discussions focused on enhancing cooperation between the public and private sectors to drive economic growth. The Minister highlighted the importance of creating an attractive investment environment that encourages innovation and entrepreneurship. This approach is expected to contribute to achieving sustainable economic development.
The Egyptian government is taking various measures to support the growth of small and medium-sized enterprises (SMEs). These initiatives include providing financial resources, simplifying regulatory procedures, and offering technical assistance. The aim is to empower SMEs to play a significant role in driving economic growth and creating job opportunities.
The "Teki Summit for Entrepreneurship and Technology" brings together stakeholders from the public and private sectors to discuss and explore opportunities for collaboration and innovation. The summit serves as a platform for exchanging ideas and expertise, ultimately contributing to the development of a more vibrant and competitive entrepreneurial ecosystem in Egypt.
Key points
- Egypt's Finance Minister announces plans to establish two funds to support specific activities in collaboration with the Ministries of Investment and Industry.
- The "Simplified Tax System" aims to encourage small businesses and stimulate their growth and expansion.
- The Ministry of Finance allocates 80 billion pounds for programs supporting and stimulating production, exports, and entrepreneurship.
