Presidential Advisor: Egypt is Building a Knowledge-Based Economy to Empower Startups and Youth
Dr. Hala El-Said, Advisor to the President for Economic Affairs, affirmed that the Egyptian state—represented by the Government, the Central Bank of Egypt (CBE), and the Financial Regulatory Authority (FRA)—has recently undertaken massive and continuous efforts on both regulatory and legislative fronts. These efforts aim to foster innovation, support the entrepreneurship ecosystem, and create an enabling environment for startups and entrepreneurs to grow and expand.
Speaking at the press conference announcing Egypt’s hosting of the Global Entrepreneurship Festival from November 6 to 8, El-Said explained that these efforts were not isolated steps. Rather, they are part of a comprehensive state vision to support a knowledge-based economy, enhance the private sector's role, and empower youth and innovators to transform their ideas into competitive economic entities, both locally and globally.
She highlighted that the state has activated numerous mechanisms to support this vital sector, including business incubators, accelerators, regulatory sandboxes, and intensive training programs. This is in addition to a package of measures aimed at streamlining startup incorporation and operation procedures and reducing bureaucratic hurdles for early-stage entrepreneurs.
"These measures represent a broader system designed to stimulate innovation and encourage investment in startups, reflecting the state's deep commitment to this sector as a primary engine for upcoming economic development," El-Said added.
She stressed that entrepreneurship is no longer an alternative path or a mere option; it has become an absolute necessity to drive Egypt's development, enhance the national economy's resilience to global shifts, and create new avenues for growth, employment, and investment. Real investment, she noted, is investing in creative individuals capable of turning ideas into achievements and challenges into opportunities. She affirmed that Egypt possesses a massive base of ambitious, innovative youth ready to lead a new era of development driven by creativity and knowledge.
El-Said further noted that hosting the third edition of the Global Entrepreneurship Festival is an exceptional global event. It is not merely an organizational milestone but a reflection of Egypt’s rising status as a regional and international hub for innovation, serving as a platform connecting startups and entrepreneurs with financial and investment institutions across Africa and the world.
The festival's significance is manifold, primarily because entrepreneurship is one of the most effective pathways to translating the demographic dividend in Egypt and Africa into real economic productivity. With over 60% of the continent's population under the age of 30, there is a tremendous opportunity to channel the energy of young innovators into building startups capable of driving economic growth and creating millions of jobs, thereby fostering socio-economic stability.
Concluding her remarks, the Presidential Advisor emphasized that startup success requires self-confidence, continuous learning, and viewing failure as a natural part of the journey. She stated that early setbacks should not be stumbling blocks but crucial learning steps. Hosting this festival, she affirmed, firmly places Cairo on the global map of premier entrepreneurship platforms and deeply integrates Egyptian startups with international and African investment networks.