Egypt to provide incentives to localize automotive industry: PM Madbouly

Ahram Online , Thursday 31 Aug 2023

Prime Minister Mostafa Madbouly announced on Thursday that the state is ready to provide a package of incentives to encourage the localization of the automotive industry in Egypt.

cars
A file photo of imported cars in Egypt. Photo : Reuters

 

In a meeting with the members of the Supreme Council for Automotive Industry to discuss the progress of the national automotive industry strategy and the mechanisms for localizing the industry in Egypt, Madbouly said that the incentives would be available to companies that commit to quickly localizing the production of cars and other automotive components.

The state is also prepared to collaborate with serious investors in the automotive industry by providing land and even building factories, he added.

The Egyptian Prime Minister also stressed the need for a roadmap, with specific timelines, to establish automotive manufacturing factories in Egypt similar to those in South Africa.

During his visit to South Africa to participate in BRICS meetings last week, Madbouly met with members of the African Association of Automotive Manufacturers (AAAM) and visited the automotive industry modernization centre and some auto factories.

South Africa produces nearly 352,000 vehicles annually that are exported to 152 countries.

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