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Egypt’s Strategic Vision for Smes Targets 9% Annual Growth Rate By 2020
Source: 5/13/2017

Egypt’s strategic vision for the small and medium-sized enterprises (SMEs) targets achieving a 9% annual growth rate and increasing the sector's share in the gross domestic product (GDP) by 25%, as well as creating at least three million jobs by 2020, Head of the Administrative Control Authority (ACA) Mohamed Erfan said.

Egypt is keen on supporting the SMEs and micro businesses, he said, citing the implementation of the cottage products project that aims at reducing poverty and unemployment rates.

Erfan made the remarks during his participation along with Investment Minister Sahar Nasr in a session organized by the United Nations in New York city to discuss the role of the SMEs in attaining sustainable development goals, the Investment Ministry said in a statement

Erfan stressed the importance of making good use of local resources with a view to turning Egypt into a center for attracting SMEs in the Middle East, the statement added.

Also, he pointed out to efforts exerted by the State to support low-income segments and poor families, citing contributions of the Social Fund for Development and the Local Development Ministry in financing several small and micro enterprises, the statement read.

For her part, Nasr underlined the great role played by the SMEs in strengthening the growth rates and improving the standard of living, describing those projects as the backbone of the emerging market economies.

The Investment Ministry is working on introducing a new legislation to prop up SMEs, she said.

She further stressed that financial services will be provided for the low-income brackets to enable them to start their businesses in the entrepreneurship field and improve their living standards.

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