Chairman of Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed el Wakil said that 22 regional projects have been implemented with an 80-million-euro grant in the field of innovation.
The projects have been implemented in cooperation with the European Union (EU) and the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME).
Wakil made the remarks in a ceremony held to mark the inauguration of the second phase of Innovation GATE, an IT competition under the auspices of ministries of trade and industry, education and technical education, and higher education and scientific research.
He said that the FEDCOC participates in establishing industrial institutes affiliated to the government in order to secure coping with international technologies.
The private sector and the government cooperate to support innovation and inventors via businessmen who provide 80% of job opportunities, he added.
As many as 3,000 students from all over Egypt are vying in the Innovation GATE.