The Minister of Trade and Industry opens the annual conference of the African Association for Private Investment and Venture Capital in its nineteenth edition

Eng. Ahmed Samir, Minister of Trade and Industry, on behalf of Dr. Mostafa Madbouly, Prime Minister, inaugurated the activities of the annual conference of the African Association for Private Investment and Venture Capital in its nineteenth edition, which is considered the most important event ever on the continent level in the field of investment, support for emerging companies, and strengthening means of cooperation between African countries.

The minister said that the conference aims to attract more economic activities to the African continent and achieve developmental aspirations and ambitions in the brown continent, indicating that the world is well aware of the importance of the African continent as a land of opportunities, due to its abundance of natural resources and various human competencies that can be exploited in the economic sectors. diversified, and achieving development goals during the coming years in Africa.

Samir added that the Egyptian government is working to support investment in various fields at the level of the African continent.

The minister noted that Egypt has, during the past decades, strengthened ways of cooperation with African countries, whether at the bilateral or regional level, through the conclusion of many agreements, plans and policies aimed at increasing the volume of cooperation between the countries of the continent and Egypt.

Samir reviewed some of the reforms and facilitations that Egypt has implemented during the last period, to attract more foreign investments with the aim of achieving economic growth and the strategic vision 2030, as the Egyptian government recently announced the granting of the “Golden License”, which is a license granted to foreign investors in a number of important economic sectors. It includes green hydrogen projects, the automotive industry, especially electric cars, infrastructure, sea water desalination, and renewable energy, which works to accelerate the procedures for implementing the project so that the license is granted within a period not exceeding 30 days from the date of submitting the application, in addition to issuing the necessary laws to create an attractive climate for investment, other than Facilitating the procedures for registering new companies wishing to operate in the Egyptian market, while considering granting these companies some investment and tax advantages according to the targeted economic sectors and regions in which they are invested.

The minister indicated the interest of the Egyptian state in supporting start-ups and entrepreneurs, given the great importance of this sector in the growth and development of the Egyptian economy and in helping to overcome economic problems in innovative ways. Providing various packages of financial and non-financial services, by launching the first investment fund, the “Venture Capital Program”, which works to provide capital for emerging companies in their various stages, from idea to growth stages, by contributing to investment funds that invest in these companies. Pointing out that this program has achieved great success, as it contributed to increasing the number of institutions operating in the field of venture capital, and it also works to attract international and regional investment funds to work in Egypt and finance Egyptian startups.

Samir affirmed the Egyptian state’s determination to continue working side by side with brotherly African countries to achieve the targeted sustainable development plans, push joint efforts for cooperation and achieve the aspirations of the entire African people.

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