The Cabinet Information Center (IDSC), in collaboration with the German Agency for International Cooperation (GIZ), recently organized a final conference to discuss a research project aimed at empowering emerging companies in leading technology sectors and enhancing their contribution to the national economy in Egypt.
The conference focused on the main challenges faced by startups in Egypt, particularly in the fields of artificial intelligence, cybersecurity, and financial technology. It also presented recommendations to overcome these challenges and discussed the legislative and regulatory frameworks governing these sectors in Egypt, as well as government efforts to support them.
Dr. Osama Al-Gohary, Assistant to the Prime Minister and Head of the Information and Decision Support Center, emphasized the importance of effective communication between the public and private sectors, government bodies, and civil society institutions to enhance the decision-making process. He highlighted the Egyptian government's efforts to empower the private sector and promote entrepreneurship as a driver of economic growth.
The conference included four main discussion sessions. The first session focused on the current situation of startup companies in Egypt and the government's efforts to develop the ecosystem regulating their work. The session featured participation from key figures such as Hossam Abdel Qader, Dr. Hani Emad, and Dr. Heba Zaki.
According to IDSC, the project focused on empowering emerging companies in Egypt in various leading technological sectors related to communication and information technology, with a specific focus on artificial intelligence, cybersecurity, and financial technology. Several workshops were organized, gathering 77 participants including representatives from startup companies, government agencies, and experts in these fields. The workshops aimed to address the challenges facing startup companies and provide recommendations to support them in these vital sectors.
The global market for artificial intelligence is expected to reach nearly $2 trillion by 2030, growing from about $95.6 billion in 2021 to an estimated $208 billion in 2023. Similarly, the global market for financial technology services is anticipated to grow from about $312.92 billion in 2024 to $608.35 billion by 2029. The increased reliance of emerging companies on digital technology has made them more vulnerable to cyber threats, highlighting the importance of strengthening cybersecurity to protect their data and its impact on the economy.
As part of the project's outcomes, research papers were prepared to raise awareness about the importance of these sectors and analyze the state's efforts in supporting emerging companies in Egypt. The project also aimed to develop a plan to enhance societal awareness of the role of these companies in the national economy, emphasizing the need for a supportive legislative and regulatory framework tailored to the specific nature of these sectors.
The project highlighted success stories of Egyptian startup companies, including "Intilaaq" and Forbes-listed "MDP," and underscored the vital role of Egyptian business incubators in supporting emerging companies.
Furthermore, the Information Center prepared three policy papers containing crucial recommendations for developing the framework supporting these companies. Additionally, a paper was prepared to analyze the future impacts of modern technology on emerging companies, based on leading international experiences and the application of the Futures Wheel methodology. The aim was to anticipate the future of these sectors and propose paths of action to enable and maximize their impact on the national economy.
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