Entrepreneurs are interested in injecting investments into the Egyptian market in the sectors of financial technology, electronic games and environmental protection
Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), met with a delegation of member companies of Endeavor Global network, a leading supporter of startups and entrepreneurship, to discuss investment opportunities in the Egyptian market in several sectors, most notably financial technology, electronic games, sustainability and environmental protection.
GAFI CEO assured the importance of the partnership between the government and startups capable of creating innovative solutions to support the Egyptian economy and achieve its goals in terms of economic growth, export, employment and technology localization.
Mr. Heiba reviewed GAFI’s efforts to support entrepreneurship activities over the past years, as GAFI established Bedaya Centre for Entrepreneurship and SMEs Development, which provided advanced training programs in the field of business administration and economic and legal consultations.
GAFI also contributed to establishing “Falak Startups” for financing startups and accelerating their growth. Furthermore, GAFI hosted the Permanent Unit for Supporting Entrepreneurship and Startups, which coordinates efforts between all entities concerned with entrepreneurship in Egypt.
GAFI CEO also reviewed the incentives provided to startups, including facilitating procedures, providing e-incorporation, and committing to competitive levels of fees and taxes to encourage entrepreneurs to incorporate and expand their business in the Egyptian market. Service activities, including electronic applications, were also added for the first time to the activities permitted to operate within Free Zones, which helps attract technological expertise from abroad, transfer knowledge to Egyptian youth, and contribute to increasing Egypt’s exports of services.
Mr. Amr El Abd, CEO of Endeavor Egypt, stated that the attractiveness of the Egyptian market for investment, the availability of young talent, and the combined efforts of both the public and private sectors to support entrepreneurship have positioned the Egyptian market as one of the fastest-growing globally in the startup sector. These factors have drawn the attention of investors from around the world to explore opportunities in Egypt.
Justinas Lasevičius, co-founder of TransferGo, a UK-based fintech company, expressed the company’s interest in investing in the Egyptian market to better serve Egyptian expatriates. The aim is to facilitate remittances, which are crucial for supporting Egypt's economy. TransferGo offers remittance services in 160 countries, including many that host a significant number of Egyptians abroad.
Ms. Mary Ojo, representing Carry1st, Africa’s largest platform for game development, publishing, and sales, highlighted the company's goal of localizing video games in Egypt, making them more culturally relevant to Egyptians. Ojo noted that the company had successfully done this in various African countries, helping local game developers generate good income despite cultural and language differences and limited technological infrastructure. She emphasized that the Egyptian market holds enormous potential in the field of video game production.
Mr. Abdel-Moaz Saged, CEO and founder of WE METRIX, a company specializing in providing sustainable solutions for clothing manufacturers, revealed that the company has already begun collaborating with Egyptian manufacturers. Their goal is to offer sustainable solutions that comply with the environmental regulations set by key export markets for Egyptian apparel, such as the United States and the European Union.
WE METRIX uses artificial intelligence technologies to enhance the efficiency of production processes, monitor quality, analyze workers’ training needs, track order fulfillment and inventory levels, and optimize the use of company resources. These advancements have resulted in a 20% reduction in production costs and increased profitability for the industry.
