President Sisi Boosts Startups with 5-year Tax Exemption

President Abdel Fattah El-Sisi directed providing startups with tax exemption, as they will be given an advantage to be able to communicate and influence the market more.

On the sidelines of his visit to Burg El Arab Technological University in Alexandria, Sisi confirmed that assistance and support will be provided to any startup, and that it will be exempted from taxes for a period of 5 years, adding that the government spends between $24 billion to $30 billion annually to bring production requirements for about 150 producers.

However, he said that the government has feasibility studies for these products, so that companies in the Egyptian market can operate directly in them, so that the state will avoid the costs of importing.

However, the president gave an example of water pumps, saying: There are 5 large companies working in this field, but they do not produce everything the market needs. 'For example, treatment plants and lifting stations at the level of the ministries of irrigation, agriculture and housing need giant pumps that are not manufactured in Egypt, stressing the full support of the government for startups working in this field to meet the needs of the local market.'