President Sisi affirmed his commitment to offering assistance and support to any start-up.
Egyptian government's multi-billion dollar effort to foster local production and reduce imports - Press photo
President Abdel Fattah el-Sisi has directed full support to be provided to start-up companies, granting them an advantage to enhance their ability to communicate and have a more significant impact in the market.
During his visit to Borg El Arab Technological University in Alexandria, President Sisi affirmed his commitment to offering assistance and support to any start-up, including a tax exemption for a period of five years.
While listening to a presentation about the entrepreneurial company "Intilaq," President Sisi emphasized that the Egyptian government annually spends between $24 to $30 billion to import production supplies for approximately 150 products.
The government has already conducted feasibility studies for these products to enable companies to directly operate in the Egyptian market, reducing import expenditures.
President Sisi stated that there are five major companies operating in the field of water pumps; however, they do not produce all the market's requirements.
For instance, water treatment and lifting stations at the Ministry of Irrigation, Agriculture, and Housing require giant pumps that are not manufactured in Egypt.
He affirmed the government's support for start-up companies working in this sector to meet the needs of the local market.
President Sisi's directive to provide support for start-up companies reflects the government's commitment to fostering innovation, entrepreneurship, and economic growth.
By granting tax exemptions and facilitating market access, the government aims to nurture a vibrant start-up ecosystem and unleash the potential of young entrepreneurs.
This initiative not only encourages job creation but also positions Egypt as a hub for technological advancements and a fertile ground for investment.
