Prime Minister Mostafa Madbouly has issued a decision outlining the formation and responsibilities of the Ministerial Group for Entrepreneurship, Invest-Gate reports.
The directive mandates that this ministerial assembly be led by the Minister of Planning, Economic Development, and International Cooperation, with membership extending to the Minister of Communications and Information Technology, the Minister of Higher Education and Scientific Research, the Minister of Finance, the Minister of Supply and Internal Trade, the Minister of Investment and Foreign Trade, the CEO of the Micro, Small, and Medium Enterprise Development Agency, as well as representatives from the Ministry of Industry, the Central Bank, and the Financial Regulatory Authority.
Furthermore, the decision states that the ministerial group may invite additional ministers, agency heads, or experts to its sessions and can enlist experienced individuals for support as necessary. The Prime Minister’s specialized advisors are also expected to participate in its meetings.
The Ministerial Group for Entrepreneurship, as outlined in the decision, aims primarily to bolster the capabilities of startups and the entrepreneurial landscape to foster sustainable, rapid economic growth driven by competitiveness and knowledge, thereby aiding in the creation of quality job opportunities.
The decision delineates several sub-objectives of the ministerial group, including the coordination of governmental efforts to bolster startup-friendly policies and the entrepreneurial ecosystem, maximizing the local economy’s benefit from startups as a key catalyst for rapid growth, facilitating startups’ access to global markets, addressing pressing challenges across various sectors with innovative solutions from startups, and curbing brain drain by supporting young, female entrepreneurs and labor-intensive startups.
Moreover, the decision specifies that the Ministerial Group for Entrepreneurship will undertake various responsibilities to achieve its objectives, such as endorsing a coordination framework and mechanisms for implementation and oversight, establishing and managing collaborative programs to support startups drawing on resources and expertise from multiple ministries, proposing policies, laws, and regulations to fulfill the group’s core goal, ensuring harmonization of activities and initiatives across diverse government bodies to prevent conflicts between policies and regulations issued by different ministries, and executing other duties assigned by the Prime Minister pertinent to the group’s objectives.
Additionally, the decision mandates that the Prime Minister will preside over the ministerial group when present, with the Deputy Prime Minister for Industrial Development, Minister of Industry and Transport, Governor of the Central Bank, and Chairman of the Financial Regulatory Authority attending in his absence.
Lastly, the decision dictates the establishment of a technical secretariat for the Ministerial Group for Entrepreneurship, with its composition and powers to be defined through a subsequent decision issued by its Chairman. The group is also required to prepare regular reports detailing its findings, recommendations, and implementation strategies, to be presented to the Prime Minister by its Chairman.
