Entrepreneurship sector attracts $2B in FDI

The entrepreneurship sector has attracted around $2 billion in direct foreign investments over the past nine years, creating approximately 50,000 direct jobs and 250,000 indirect jobs, Co-Founder and Managing Director of Entlaq, Omar Rezk, stated Monday.

 

This demonstrates the sector's significant contribution to economic growth and its capacity to employ a large number of young people, according to Rezk. 

 

He emphasized that the innovation space drives the growth of startups and discussed the challenges facing the sector, noting that it requires greater incentives and government support, particularly within the entrepreneurship domain.

 

This came during the release of Entlaq’s Egyptian Entrepreneurship Sector Diagnostics Report for the first half (H1) of 2024. 

 

The report unveils key recommendations that will contribute to the growth of the entrepreneurship sector.

 

Entlaq's Egyptian Entrepreneurship Sector Diagnostics Report delves into various government and public-private initiatives aimed at bolstering entrepreneurship across multiple sectors. 

 

Several significant efforts in the form of initiatives are highlighted such a educational hubs, fintech regulations, agricultural support programs, and ICT innovations which collectively

enhance capacity building, financial inclusion, and technological advancement. 

 

Additionally, social inclusion initiatives targeting youth and women, alongside significant venture capital investments and cross-border partnerships are emphasized.