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Dr. Ahmed Rostom, Minister of Planning and Economic Development, held discussions with Dr. Abdulaziz Qansoua, Minister of Higher Education and Scientific Research, to explore ways to enhance joint coordination aimed at developing the innovation and entrepreneurship ecosystem in Egypt.
The meeting focused on bolstering joint efforts between the two ministries and their affiliated bodies to support researchers and university entrepreneurs. The primary goal is to transform innovative ideas into viable commercial projects that contribute to the nation’s development trajectory. This initiative falls under the broader efforts of the Ministerial Group for Entrepreneurship, chaired by Deputy Prime Minister Dr. Hussein Eissa, aiming to boost the competitiveness of the Egyptian economy.
Dr. Rostom emphasized the state's commitment to providing comprehensive support to elevate the higher education and scientific research sectors, a priority reflected in the increased allocations within the upcoming fiscal year's development plan. He highlighted the significance of this meeting in light of Prime Minister Dr. Mostafa Madbouly's directives to establish a comprehensive roadmap for supporting startups. This roadmap seeks to capitalize on the immense potential of Egyptian youth and the market's capacity to attract venture capital investments.
Rostom noted that work is underway across several axes in integration with national entities. These include establishing an entrepreneurship unit under the Cabinet, launching a fund to finance startups, activating the role of the "Egypt Center for Entrepreneurship and Innovation," and leveraging "NI Capital" (the investment arm of the National Investment Bank) to provide necessary funding.
Furthermore, the Ministry is exploring coordination opportunities with the Innovators Support Fund at the Ministry of Higher Education and NI Capital to back student and alumni research. This synergy aims to graduate a new generation of startups capable of engineering unconventional solutions to developmental challenges, paving the way for their growth into medium and large-sized enterprises.
On his part, Dr. Abdulaziz Qansoua praised the efforts of the Ministry of Planning, asserting that this constructive cooperation reflects the integration of state institutions in supporting the transition towards a knowledge economy, developing human capital, and aligning educational outcomes with labor market demands.
He explained that the ministry’s technical arms—namely the Academy of Scientific Research, the Science and Technology Development Fund, and the Innovators Support Fund—are operating in tandem to link scientific research outputs directly to the national economy. Qansoua revealed that the ministry's strategy is rooted in bridging education with industry and production through expanded partnerships with state institutions and the private sector. He also disclosed a new policy direction that will link the academic promotions of faculty members to their applied contributions and cooperation with the industrial sector.