Minister of Communications: The volume of investment in start-up companies has grown from 190

Dr. Amr Talaat, Minister of Communications and Information Technology, met with more than 69 young entrepreneurs and founders of start-ups working in the fields of information and communication technology as part of the “Startup Day” activities run by the Center for Technological Innovation and Entrepreneurship “Tech” from the Information Technology Industry Development Agency (ITIDA) At the Digital Egypt Creativity Center at Sultan Hussein Kamel Palace, the event coincides with the celebration of the International Day of Creativity and Innovation.

The meeting dealt with an overview of the success stories achieved by entrepreneurs, the emphasis on the challenges they face, and the key mechanisms needed to overcome them, as well as the discussion of the most prominent proposals to the sector of emerging technology companies and innovation-based entrepreneurship.

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And in his word; Dr. Amr Talaat explained that this meeting comes within the framework of several meetings aimed at communicating with promising companies and entrepreneurs, in particular that this meeting brings together 60 companies that have succeeded in attracting investments worth $ 240 million in the past year ; He reviewed the efforts of the Ministry of Communications and Information Technology and its affiliates to support technological innovation and build digital capabilities.

Dr. Amr Talaat added that a technical training strategy is being implemented which includes a large number of initiatives in partnership with international companies and prestigious academic bodies to impart global experiences to the Egyptian youth, focusing on the disciplines most in the current demand is. and future labor market and diversity in education mechanisms to include hybrid education that combines traditional digital learning methods; Point out that the ministry aims to prepare generations of trained cadres capable of competing in the regional and global markets by providing specialized training, starting with the development of digital skills for schoolchildren through the Digital Misr Initiative and the introduction of our schools for applied technology, then programs for university students by the Misr Informatics University and ending with the awarding of a master’s degree in advanced disciplines by the Digital Egypt Builders Initiative.

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Dr. Amr Talaat indicated that the training budget has been doubled 22 times in three years, to increase from the training of 4 thousand pupils with a budget of 50 million pounds to the target of training 200 thousand pupils with a budget of 1, 1 billion pounds during the current fiscal period. year; Take note of the launch of the Our Digital Future initiative, which aims to empower young people from diverse academic backgrounds to gain leading-edge job opportunities in the field of information technology; Where $ 13 million was invested in training 80,000 people in the first issue of the Our Digital Future initiative, and 20,000 graduates succeeded in implementing $ 130 million worth of independent projects in one year; He stressed that the initiative aims to provide generations capable of building a digital Egypt, helping emerging companies find the skills they need, as well as attracting international companies to establish outsourcing centers in Egypt .

Dr. Amr Talaat also reviewed the most prominent achievements of the Ministry in terms of supporting technological innovation and entrepreneurship, as eight Egypt Digital Innovation Centers have been established in the governors, and 14 others are currently being established; Point out that the centers aim to provide technical training, develop digital and soft skills, and provide incubators for emerging projects in collaboration with major international companies specializing in technology incubators, and accelerate business to manage these centers; He explained that there is collaboration with the American University in Cairo within the framework of his partnership with Babson University of America to implement a training program for entrepreneurs and promising companies for a period of 3 months. In collaboration with Deloitte Consulting, and launching Egypt’s digital outsourcing strategy; He noted the growth in the volume of investments in start-up companies in Egypt from $ 190 million, with 117 transactions in 2020, to $ 491 million, with 147 transactions in 2021.

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Dr. Amr Talaat also confirmed that more than $ 2 billion has been invested in three years to develop the information infrastructure, which has contributed to advancing Egypt’s ranking to become the first in Africa in the average fixed internet speed, and is working to strengthen mobile networks by offering frequencies for companies and increasing the number of mobile towers; Point out the efforts made within the framework of the preparation of legislation that supports the growth of the information and communication technology industry and simplifies procedures, as a protocol has been concluded with the Financial Supervisory Authority and the Investment Authority to support emerging companies in Egypt and to support and facilitate procedures for investors.

During the meeting, an open discussion took place between the Minister and the owners of start-up companies; Where young people have expressed their aspirations to grow and grow their business; The youth have made a number of proposals, notably the networking between university students and start-up companies with the aim of providing them with training grants within these companies, providing specialized training in advanced technology to make Egypt the leadership in these areas, and to pay attention to empowering women to become entrepreneurs in the field of information technology, and supporting women’s capabilities in marketing, email, launching an association for entrepreneurs, and raising mentors in the fields of artificial intelligence and emerging technologies.

A number of business owners have demanded the support of the ministry to facilitate communication with government agencies; Where he dr. Amr Talaat focused on coordination with ITIDA, which in turn will communicate with the relevant government agencies to convey the requirements of entrepreneurs and organize joint workshops.

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Dr. Amr Talaat also confirmed that the ministry is in the process of funding a fund to invest in new ventures in collaboration with the private sector.

In answer to a question about the requirements of beginners with large internet capabilities; Dr. Amr Talaat reviewed the ministry’s efforts to establish a strong information infrastructure and noted that ITIDA can play the role of coordinating between start-ups and telecommunications companies to ensure that the requirements of emerging companies are met.

A number of young people discussed the importance of speeding up the activation of the electronic signature among citizens. Dr Amr Talaat explained the ministry’s efforts to disseminate the uses of the electronic signature and increase community awareness of its importance, as well as the preparation of the necessary infrastructure for its wide application.

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A number of participants also pointed to the need to regulate data availability and provide mechanisms for start-up companies to verify the identity of their customers. Where dr. Amr Talaat indicated that the law on the protection of personal data has been issued and the executive regulations are being reviewed in preparation for its issuance.

and on the use of IoT technologies; The Minister indicated that a complex that includes everything related to electronic design and the Internet of Things will be located in the City of Knowledge in the New Administrative Capital, which will serve as a free zone through which components can be entered with easy procedures.

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Dr. Amr Talaat also called on entrepreneurs to join civil society organizations working in the telecommunications and information technology sector, where they organize forums for communication between new businesses, in addition to arranging meetings for them with government officials.

The meeting was attended by Eng Amr Mahfouz, CEO of the Information Technology Industry Development Agency (ITIDA), Shereen El-Gendy, Assistant Minister for Strategy and Implementation, and Dr Hossam Othman, Adviser to the Minister for Technological Innovation, Electronic Industry and Training .

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