The Trade and Industry Ministry is preparing a strategy to support and encourage innovation in the industrial sector through a project to develop the private sector in cooperation with the German Society for International Cooperation (GIZ).

The project’s cost is eight million euros and will run until 2020.

During a meeting Monday with a GIZ delegation, Qabil said the strategy aims to promote the role of innovation in improving the Egyptian industry’s competitiveness and value added tax and encouraging entrepreneurship.

The strategy will comprise 12 programs, each working on a certain angle such as setting the stage for innovation and development at industrial institutions, improving organizational frameworks to encourage innovation and easing innovation through promoting cooperation between industry and scientific research, the minister said.

A working group will be formed at the ministry to follow up all the strategy’s programs, he added.

Source: MENA