In a significant move to bolster Egypt's startup environment, President Abdel Fattah el-Sisi has declared a five-year exemption from taxes for startups. The announcement was made during the president's visit to Borg El Arab Technological University in Alexandria.
The decision reflects Egypt's ongoing strategy to promote and strengthen the startup ecosystem within the country. It aims to provide substantial benefits to startups, enhancing their capacity for communication and market influence. President el-Sisi's steadfast support for startups is expected to foster their growth and development by offering them long-term tax breaks.
Entlaq Holding, a prominent player in Egypt's entrepreneurship ecosystem, showcased its commitment to supporting the startup environment during the president's visit. Mohamed Ehab, CEO of Entlaq, emphasized the importance of collaboration between the government, corporate sector, and startups in driving growth.
Ehab highlighted the rapid growth of the Egyptian entrepreneurial ecosystem, currently expanding at a rate of 50%. He projected that by 2030, it would be feasible to establish firms with foreign investments totaling $8 billion. Emphasizing the significance of all stakeholders working together, Ehab stated that such collaboration would ensure the sustained growth of startups and attract more international investment.
The move comes as a result of growing trust in Egypt's entrepreneurial ecosystem, with investments totaling $1.5 billion made over the past five years. Entlaq, in line with its commitment to the development of Egypt's entrepreneurial sector, has introduced the Entrepreneurship Week initiative. This transformative program aims to empower students from 73 Egyptian universities across all governorates, fostering an entrepreneurial mindset and equipping them with the necessary tools to transform their unique ideas into profitable enterprises.
President el-Sisi's declaration of a five-year tax exemption for startups marks a significant milestone in Egypt's efforts to promote innovation and support the entrepreneurial ecosystem. The initiative is expected to boost the growth and development of startups in the country while attracting more domestic and international investment.
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