Egypt offers exceptional incentives to attract global automakers and boost domestic production
via Egypt Today2 min read
Prime Minister Mostafa Madbouly announced that Egypt is prepared to offer exceptional incentives to international car manufacturers willing to localize production within the country. This initiative is part of a broader government effort to strengthen the domestic automotive industry. Madbouly stated that discussions with several carmakers are in advanced stages, with the goal of moving towards large-scale vehicle production in Egypt. The government places strategic importance on localizing the automotive sector, with particular attention given to electric vehicles as part of a push for cleaner energy. Industry Minister Khaled Hashem detailed the national program, developed in cooperation with manufacturers, which includes a working group comprising members from the Supreme Council for the Automotive Industry, private sector representatives, the Ministry of Finance, the Ministry of Investment and Foreign Trade, and the Automotive Industry Unit. Alaa Salah, head of the Automotive Industry Unit, outlined key program requirements such as minimum annual production volumes, target local content ratios, maximum engine capacity, and value-added share from manufacturing processes for both conventional and electric vehicles. The program also offers incentives tied to environmental compliance, new investments, and export expansion. The Ministry of Investment and Foreign Trade is exploring activating incentives under Investment Law No. 72 of 2017 for the automotive sector and related in
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Egypt Today.
President Abdel Fattah El-Sisi stated on Tuesday that Gulf security is an integral part of Egyptian national security, expressing Cairo's full solidarity with Manama amidst regional tensions. These remarks were made during his visit to Bahrain, where he met with King Hamad bin Isa Al Khalifa after a visit to Qatar. The Spokesperson for the Egyptian Presidency, Ambassador Mohamed El-Shennawy, reported that Sisi underscored Egypt鈥檚 unwavering support for Bahrain鈥檚 stability and condemned any unjustified attacks against the kingdom as a violation of international law and a dangerous regional escalation. He reiterated Egypt's rejection of attempts to compromise the security of Bahrain, Gulf Cooperation Council nations, or the broader Arab region, affirming Cairo's stance with its partners to protect their sovereignty. Sisi also praised King Hamad's leadership in maintaining regional stability and detailed Egypt's diplomatic efforts to de-escalate tensions peacefully. King Hamad welcomed El-Sisi and appreciated Egypt's continuous support for Gulf security. Both leaders emphasized the need for close coordination and joint action to address shared challenges and restore stability.
President Abdel Fattah El-Sisi visited Lusail Palace in Doha to extend his condolences to the Amir of Qatar, Sheikh Tamim bin Hamad Al Thani, following the passing of the Father Amir, Sheikh Hamad bin Khalifa Al Thani. President El-Sisi expressed Egypt's solidarity with Qatar during this period of mourning and acknowledged the late Father Amir's contributions to Qatar's development. The Spokesman for the Egyptian Presidency, Ambassador Mohamed El-Shennawy, confirmed President El-Sisi's message of support. Sheikh Tamim bin Hamad Al Thani thanked President El-Sisi for his visit and emphasized the strong historical ties between their nations, expressing a desire to enhance bilateral cooperation.
Egypt's Minister of Agriculture Alaa Farouk met with AbdulHakim Elwaer, the FAO's Regional Representative for the Near East and North Africa, to discuss strengthening cooperation, particularly FAO's support for the government's "Productive Village Revival" initiative. This initiative aims to transform Egyptian villages from consumer communities into productive economic hubs, promoting sustainable rural development. Key aspects include enhancing youth and rural women's skills, creating jobs, increasing household incomes, and establishing a unified brand for village products. The plan also focuses on diversifying rural income, improving environmental sustainability through waste recycling, expanding contract farming and mechanization, supporting livestock development, promoting silk and beekeeping industries, and strengthening agricultural cooperatives. Elwaer affirmed FAO's readiness to provide technical expertise and support for the initiative's long-term success.