CAIRO, May 11 (MENA) - Prime Minister Mostafa Madbouli described the National Automotive Industry Development Strategy as a key pillar in achieving the goal of localizing car manufacturing in Egypt and attracting major global companies.

He stressed the government’s commitment to offering various incentives and advantages to boost the sector.

Madbouli chaired a meeting of the Supreme Council for the Automotive Industry on Sunday, attended by Minister of Industry and Transport and Deputy Prime Minister for Industrial Development Kamel el Wazir, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, Minister of State for Military Production Mohamed Salah El-Din Mostafa, Finance Minister Ahmed Kouchouk, Minister of Public Business Sector Mohamed Shimi, Minister of Investment and Foreign Trade Hassan El Khatib, Chairman of the General Authority for the Suez Canal Economic Zone Walid Gamal El-Din, Chairman of the Federation of Egyptian Industries Mohamed El Sewedy, along with several industry experts and senior government officials.

The meeting reviewed the progress made in updating the national automotive development program.

Wazir presented the customs, tax, and investment incentives available to companies operating in the sector, showcasing local applications and their results.

The session also reviewed international case studies on how such incentives supported export opportunities through international trade agreements while also promoting the development of eco-friendly electric vehicles, in line with global trends.

The meeting also highlighted the anticipated economic benefits of updating the program, particularly in attracting and localizing investments in feeder industries, deepening the vehicle assembly sector in Egypt, creating more job opportunities, generating added value, significantly reducing imports, and increasing production.

The participants discussed mechanisms to ensure the sustainability of production in line with global quality standards.

A number of comments and suggestions were submitted by council members regarding the program. The premier instructed that these be thoroughly studied, with a final draft to be presented to the Cabinet for approval. (MENA)

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