In the context of hosting the delegation of South Korea:

The Ministry of Planning and Economic Development, represented by the “ERRADA” initiative, and the European Bank for Reconstruction and Development hold a symposium on “Action Planning to Support the Ecosystem for Start-ups in Egypt”

Cairo – 4 May 2023
The Ministry of Planning and Economic Development, represented by the Business Climate Reform Initiative in Egypt, “Irada”, held with the European Bank for Reconstruction and Development and the Korean Development Institute, representing the Korean Ministry of Economy and Finance. A symposium within the framework of the knowledge exchange program entitled Action Planning to Support the Ecosystem for Start-ups in Egypt, with the participation of Dr. Heba Shaheen, Executive Director of the Irada Initiative, and Ms. Reem Al-Saadi, Regional Director for Supporting Small Enterprises in Egypt at the European Bank for Reconstruction and Development (EBRD), and in the presence of the South Korean delegation. Within the framework of their ongoing cooperation in the field of policy preparation and legislative studies aimed at creating an attractive legislative environment for investment and financing of emerging companies in Egypt.

For her part, Dr. Heba Shaheen, Executive Director of the Business Climate Reform Initiative in Egypt (Erada), stated that the initiative recognizes the importance of supporting entrepreneurship and startups, as well as creating an environment to enhance growth and innovation, noting that a comprehensive plan has been developed to encourage and support startups in Egypt, noting that a report containing information on the South Korean and Egyptian ecosystems has been prepared after visiting South Korea last October, explaining that there is a program to exchange knowledge with South Korea.

Shaheen added that there are five pillars that must be emphasized, pointing to establishing a national strategy for startups and working to activate and implement it flexibly, in addition to establishing a national fund for startups as well, pointing to the aspiration to cooperate with the South Korean government to establish a fund to support the growth and development of these companies, which will provide startups at different stages of development and give priority to those that deal with major social challenges.

Shaheen continued talking about the pillars, pointing to the expansion of incubator and accelerator programs, in addition to enhancing intellectual property protection, and enhancing international cooperation.

For his part, Dr. Richard Jones, Director of the Regional Network for SME Finance and Development at the European Bank for Reconstruction and Development, discussed what can be done to improve the startup ecosystem in Egypt, explaining that these are small companies with growth potential and innovative ideas, but they face more fundamental problems than other companies, whether large or small. Jones stressed the need to address deeper and more fundamental aspects or factors than studying the startup ecosystem, with the need to provide support to these companies in terms of financing, personnel, marketing, etc., as well as freeing them from regulations, praising the Egyptian government’s current focus and awareness of the importance of the startup policy.