Industry, investment, finance ministers review automotive industry development program

2026-03-05 - 11:14

Minister of Industry Khaled Hashem Thursday 5/3/2026 discussed with Minister of Investment and Foreign Trade Mohamed Farid Saleh and Minister of Finance Ahmed Kouchouk key pillars of the national automotive industry development program, in line with directives of the political leadership to localize manufacturing and enhance the investment climate. This came during an expanded meeting held to follow up on the program’s implementation rate, along with exploring ways to create a more attractive business environment and offering further incentives for car manufacturers operating in Egypt. Industry Minister said that attendees of the meeting agreed to form a joint working group comprising members of the automotive industry unit from the ministries of industry, investment and foreign trade, finance, and transport, in addition to representatives of the Supreme Council for the Automotive Industry. “The group will conduct a comprehensive review of all data and information related to the program and hold a series of meetings with companies operating in the Egyptian market as well as targeted global automakers,” the Minister said. He added that the meetings aim to identify manufacturers’ needs and gather their proposals to enhance the program’s flexibility in line with the rapidly evolving automotive industry. Hashem said that the program goes beyond supporting and deepening local production, yet it also encourages exports as a strategic goal to boost the competitiveness of vehicles manufactured in Egypt. He added that the incentives and facilitation measures offered through the program constitute a key pillar for establishing an integrated industrial environment capable of attracting major global automakers to invest in the Egyptian market, which would also help draw companies specializing in automotive components manufacturing. For his part, the minister of Investment and Foreign Trade stressed the importance of strengthening joint efforts to develop the automotive sector and its feeder industries, describing it as one of the strategic pillars of the national economy due to its role in meeting domestic market needs and increasing employment rates. Meanwhile, the minister of finance affirmed that the government places the localization of the automotive industry at the top of its economic priorities. He added that the national automotive industry development program is based on providing investment, tax, and customs incentives linked to manufacturers’ actual performance, local content ratios, production volumes, and export levels. He stressed the need to move swiftly to meet requests from any new company seeking to benefit from the program’s incentives, supporting the state’s efforts to deepen local manufacturing and increase investments in the automotive sector.