Egypt’s Minister of Finance Mohamed Maait said that the incentives introduced by the government give the owners of micro, small, and medium enterprises (MSMEs) an excellent opportunity to maximise their productivity and increase their profits.
This can happen in light of the government’s great interest in this vital sector, as reflected in several customs and tax incentives in the Law for the Development of Medium, Small and Micro Enterprises, and other incentives.
He explained that these incentives can increase these MSMEs contributions to economic growth. Accordingly, this will help create more jobs, encourage the national industry, expand the export base and enhance its competitive strength in global markets.
Maait added, in a statement issued by the Ministry of Finance on Saturday, that the government seeks to maximize the participation of MSMEs in government procurement.
This was seen in the law regulating public contracts, as it obligates public entities to provide contractual opportunities for MSMEs, allocating at least 20% of government procurement spending and contracts to MSMEs.
He pointed out that the ministry issued a guide for owners of MSMEs, out of believing in the role they play in comprehensive and sustainable development.
He explained that this guide was made available on the Egyptian Ministry of Finance website, to inform the owners of MSMEs about the benefits granted to them when they contract with the administrative authorities in accordance with the law regulating public contracts.
This will enable entrepreneurs to develop their businesses, expand their activities, and increase their productivity.
He stressed that this guide is directed to owners of MSMEs wishing to increase their profitability by winning one of the contractual opportunities to meet the needs of public authorities.
These include ministries, governorates, bodies, interests and others, the minister pointed out that this guide includes basic information and procedures for participating in these contractual opportunities.
He added that the Public Contracting Law aims to create an ecosystem for companies and MSMEs to compete in the contractual opportunities offered by public authorities.
The Egyptian finance minister pointed out that other laws regulate this issue, such as Law No. 5 of 2015, which works to develop the industrial sector in Egypt, giving an advantage to Egyptian products in government contracts.