El-Sisi directs 5-year tax break for start-ups
Updated 6/15/2023 8:45:00 AM
Arab Finance: Egyptian President Abdel Fattah El-Sisi has urged the government to exempt start-ups from taxes for five years, Middle East News Agency (MENA) reported on June 14th.
The government spends around $24 to 30 billion annually to provide production requirements for about 150 products, El-Sisi added.
He also noted that the government conducts feasibility studies for the local production of these requirements to avoid import expenses.
The president’s remarks came during his visit to Borg El Arab Technological University, where an official from the start-up accelerator Intelak pointed out that boosting partnerships between start-ups and public companies would scale up the volume of investments directed to start-ups.
The official also said the accelerator has raised $1.5 billion in investments over the past five years.
If start-ups succeeded to achieve growth by 50%, they will be able to set up start-ups based on foreign investments of $8 billion in 2030, especially when the investments of three companies have already surpassed $1 billion, he added, stressing the need to establish 20 start-ups in Egypt by 2030.
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