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    Ministers of Investment, ICT Accompany German Economy Minister to FALAK Startups

    Cairo, 4 February 2019

    The Minister of Investment and International Cooperation Sahar Nasr and the Minister of Communications and Information Technology Amr Talaat accompanied, today, Germany’s Federal Minister for Economic Affairs and Energy Peter Altmaier, to visit the headquarters of FALAK Startups— a startup accelerator affiliated to “Fekretak Sherketak” Initiative launched by the Ministry of Investment, in cooperation with the Ministry of Communications and Information Technology (MCIT) to support startups— in the presence of German Ambassador to Egypt Julius Georg Luy and the Chairman of the Egyptian Entrepreneurship Investment Company (EEIC) Shehab Marzban.

    The ministers were briefed by Marzban and CEO of FALAK Startups Yousef El Samaa on the activities of “Fekretak Sherketak” (your idea is your enterprise) Initiative and FALAK Startups.  FALAK Startups aims to empower the next generation of Egyptian entrepreneurs, by providing a four-month business acceleration program to provide entrepreneurs with necessary fund, guidance, training and comprehensive support, as well as the necessary tools and resources needed to enhance business models and entrepreneurial skills to compete in the global economy. FALAK is the largest business accelerator in the Middle East and Africa (MEA) and aims to transform Egypt into a leading hub in the region. Applicants can apply through www.falakstartups.com.

    In addition, a number of entrepreneurs, who were supported through “Fekretak Sherketak” initiative and FALAK Startups in phase one, provided an explanation of their projects.

    Altmaier hailed “Fekretak Sherketak” initiative and the role of FALAK Startups in supporting Egyptian entrepreneurs, and the success stories of Egyptian entrepreneurs. He, also, stated that Germany is one of the top countries in the world in the field of entrepreneurship, highlighting Germany's keenness to increase its support for entrepreneurship in Egypt.

    Nasr ascertained that the political leadership in Egypt puts priority on investing in the human element because youth is the hope and future and they contribute to increasing growth. Therefore, MCIT is keen to invest in supporting entrepreneurs and startups, in the framework of the law of investment that stipulates supporting entrepreneurship. She also referred to Egypt's keenness to benefit from the German experience in the field of entrepreneurship, calling on the German Minister to support youth projects to empower young people, support small investors, and create an integrated system to support entrepreneurs and innovation which help realize the aspirations of young people.

    On his part, Talaat said that the State strongly supports investment in the creative energies of promising youth through the programs of capacity building, entrepreneurship support and technological innovation. He reviewed the programs offered by MCIT to young people and start-ups to stimulate innovation and encourage self-employment through promoting the entrepreneurship and technological incubators system, supporting participation of national startups in a number of specialized international forums, and cooperating with the Ministry of Investment and International Cooperation in supporting innovation and entrepreneurship via “Fekretak Sherketak” Initiative. This is in addition to cooperating with the Ministry of Higher Education and Scientific Research in launching eight technological innovation hubs in the regional universities nationwide, and developing the digital skills of young people and qualifying them to build the knowledge industry and design the applications necessary to accelerate the process of the transition to a digital society.

    The ICT Minister also highlighted the creative abilities of Egyptian youth in the field of communications and digital technologies, and that the State offers excellent opportunities to support the ideas through business accelerators, incubators and various means of financing. He underscored the significance of discussing entry into international markets to export Egyptian technological services, and the opportunities to host research and development centers of top companies in Egypt.

    EEIC Chairman said that the Ministry of Investment and International Cooperation has a clear vision in supporting entrepreneurship companies due to its role in promoting economic growth, and on this basis, the “Fekretak Sherketak” Initiative was launched. He stated that the Ministry of Investment has established the first entrepreneurship center at the Ministry's headquarters, and incubators for entrepreneurship at the branches of investor service centers in the governorates, which contributes to the provision of integrated services to startups. He explained that the Initiative established FALAK Startups through EEIC and contributed to offering financing up to 500 thousand pounds to support startups through FALAK Startups, which serves as a platform for launching many business accelerators and extends in many sectors.

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