The Small- and Medium-Sized Enterprises (SME) Investors Association called upon the government to review all regulations and legislations related to SMEs and the development of entrepreneurship.
Alaa El-Sakty, head of the SMEs association, said that it is also necessary to study the stimulus packages for the transition from the informal to the formal sector, as well as building an integrated database for this sector which facilitates the rating and targeting of specific development packages.
He noted that analytical studies showed that there are 2.5m SMEs in Egypt. These projects, he explained, employ 75% of the total workforce. Furthermore, 17% of these projects contribute to exporting. Yet, 20% of these enterprises are in the informal sector.
He added that the association aims to increase the participation of the private sector and SMEs in the GDP.
Moreover, he pointed out that the association aims to develop the sector, being a main tool to increase industrial output, create jobs, attract investment, and increase goods and services exports in targeted provinces in the regional development scheme.
He noted that the association plans to launch a website soon. El-Sakty explained that the website will provide some services to those who want to set up an SME. In addition, the website will secure access to funding opportunities and assist with decision making, as well as shed light on success stories.
The association was founded in October 2016. It includes 40 SMEs associations under its umbrella from all governorates of Egypt and new industrial cities.