Egypt s Minister of Planning and Economic Development Hala El-Said during her participation in The Power of Scaleups event on Thursday. (photo courtesy of Egyptian Cabinet)
Innovation is the core of human development, asserted El-Said, while highlighting how times of crises, like climate change, allow for untapped potential to shine and bring out the most revolutionary innovations.
Proactive pioneering initiatives are the cornerstone of such innovation and lead social and economic development, job creation and thus poverty reduction, she asserted.
El-Said emphasised the importance of supporting innovators by providing them with a number of supportive measures, in order to motivate young people to create their own jobs away from traditional paths.
New advanced technologies are the only way in which the world can hope to reduce half the emissions it aims to by 2050, El-Said said.
She added that pioneering entrepreneurial initiatives are crucial for managing the challenges of climate change and without them, sustainability and green development would be impossible.
The Egyptian government has taken large strides towards backing the entrepreneurial ecosystem of the country by establishing incubators and providing startups with the necessary funding, stated El-Said, adding that it is the responsibility of policy makers to create an environment suitable for young pioneers to unlock their full potential.
The Pioneers 2030 project was established for this purpose in which students can turn their idea into reality, El-Said noted.
The project has been acknowledged by the UN’s Department of Economic and Social Affairs, which said that nine business incubators have led to the creation of close to 670 opportunities and the provision of more than 6,500 hours of training
Moreover, El-Said noted that the ministry launched the National Initiative for Smart Green Projects in cooperation with Mahmoud Mohieldin, the UN high level climate champion of Egypt, which focuses on climate action through technological empowerment and raising awareness of climate issues at the national level
Egypt is a model place for young entrepreneurs to develop their ideas, said the minister.
Egypt has a population of more than 100 million citizens – most of which are young people – and as a result, innovations in science, technology and research can arise from both small projects and large companies, according to El-Said.
Hence, entrepreneurs are pivotal to alleviating the humanitarian threats faced by the world.