OECD report provides roadmap for Egypt's SME and startup sector
Egypt - The Organisation for Economic Co-operation and Development (OECD) and the Egyptian government have launched a report on small and medium-sized enterprise (SME) policy, which Cairo will use to update its national strategy for the vital sector, the government said on Saturday.
The report, part of a cooperation programme between Egypt and the OECD, provides an analysis of the opportunities and challenges facing SMEs and entrepreneurs. It highlights the sector's significant potential but points to a need to encourage innovation and transition businesses from the informal to the formal sector, according to a government statement.
SMEs represent more than 90% of economic activity in Egypt.
Minister of Planning and International Cooperation Rania Al-Mashat said the report reflects the government's efforts to transform Egypt into a competitive, innovation- and knowledge-based economy. She noted the role of a ministerial group for entrepreneurship in coordinating efforts to support startups and said a 'Startup Charter' would be launched soon.
Bassel Rahmy, head of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), stated that the agency would work to activate the report's recommendations in coordination with local and international partners.
The report noted that Egypt, with a population of over 110 million, possesses a vast market and significant entrepreneurial potential. It also acknowledged that despite a boom in venture capital and investment in research, challenges remain in improving the business climate and enhancing competition.
Among its key recommendations, the report called for developing a comprehensive annual database on small business performance and adopting an 'SME impact test' before approving new legislation, while also simplifying existing laws. It suggested establishing an independent mechanism to monitor SME law implementation.
The report also recommended providing tax incentives for venture capital, increasing the capital of the Credit Guarantee Company (CGC), and creating a national strategy for digitising small businesses, which would include a tiered licensing system for fintech companies. Further proposals included developing a strategy for women's entrepreneurship and boosting the efficiency of business incubators through national accreditation standards.
The cooperation between Egypt and the OECD falls under a Country Programme that has been extended until 2025. The programme includes 35 projects across five main axes, designed to integrate international expertise into Egypt's national development strategy, 'Egypt Vision 2030.'
Egypt recently assumed the co-chairmanship of the OECD's Middle East and North Africa (MENA) Initiative on Governance and Competitiveness for the period 2026-2030, alongside Italy and Turkey.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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