Egypt’s ministers of industry, investment and foreign trade, and finance have stressed the importance of strengthening government efforts to localize and deepen the automotive industry in Egypt.
The sector is viewed as a strategic pillar supporting the national economy and boosting employment, in line with the implementation of the National Automotive Industry Development Program and the expansion of partnerships with both local and foreign private sector players.
The remarks came during an expanded meeting held by Khaled Hashem, Minister of Industry, Mohamed Farid, Minister of Investment and Foreign Trade, and Ahmed Kouchouk, Minister of Finance, with members of the Supreme Council for the Automotive Industry and the Automotive Industry Unit.
The meeting aimed to review the program’s implementation status and discuss ways to create a more attractive business environment for manufacturers.
The Minister of Industry announced that a working group will be formed, including members of the Automotive Industry Unit from the ministries of industry, investment and foreign trade, finance, and transport, alongside representatives from the Supreme Council for the Automotive Industry.
The group will conduct a comprehensive review of all data and information related to the National Automotive Industry Development Program.
He added that meetings will also be held with companies currently operating in the Egyptian market as well as targeted global manufacturers to understand their needs and evaluate their proposals.
The goal is to enhance the program’s flexibility in line with the rapid developments taking place in the global automotive industry.
The program aims to support and deepen local production while encouraging exports as a strategic objective.
This is expected to enhance the competitiveness of vehicles manufactured in Egypt and attract major global automotive companies to invest in the Egyptian market.
It will also help expand feeder industries, which are considered the backbone of the country’s strategy to localize the automotive sector.
For his part, the Minister of Investment and Foreign Trade emphasized the importance of developing the automotive industry and its related feeder industries as a key pillar of the national economy.
He noted that the sector contributes to meeting domestic market demand while increasing employment levels.
He explained that the ministry is working to provide various forms of support to the automotive sector, including studying the possibility of granting additional incentives under the Investment Law to encourage new investments and expand production capacity in the coming period.
He also highlighted that the Egyptian market has strong advantages that can attract major global automotive manufacturers, including the country’s large domestic market and its network of free and preferential trade agreements, which allow Egyptian-made products to access multiple international markets.
Meanwhile, the Minister of Finance affirmed that the government places the localization of the automotive industry at the top of its economic priorities.
He explained that the National Automotive Industry Development Program is based on offering investment, tax, and customs incentives linked to manufacturers’ actual performance, including local content ratios, production volumes, and export levels.
He added that the government must move quickly to respond to the needs of any new company seeking to benefit from these incentives.
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