Egypt ready to offer ‘Out-of-the-Box’ incentives to localize EV industry: Madbouly
Updated 7/30/2025 8:44:00 AM
Arab Finance: Prime Minister Mostafa Madbouly affirmed the government’s readiness to offer ‘out-of-the-box incentives’ to localize electric vehicle (EV) manufacturing in Egypt, according to a statement.
Madbouly highlighted the ongoing negotiations with major international companies specializing in EVs, batteries, and components. This aligns with the state’s efforts to provide all possible incentives to support localization.
His remarks came during a meeting with several ministers and officials, including Minister of Investment and Foreign Trade Hassan El-Khatib and Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir.
Waleid Gamal El-Dien, the Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), also attended the discussions.
On his part, El-Wazir pointed out that wire harness production in Egypt is a highly distinguished and widely exported industry, as well as car lights and seats that are exported to European countries.
He rolled out plans to attract manufacturers for EV batteries and the car body frames in Egypt.
Meanwhile, El-Khatib listed the major EV battery producers and how to attract these companies to localize their manufacturing in Egypt and export to countries in the region.
The minister highlighted the government's goals and the incentives offered to targeted companies to localize the EV industry.
Gamal El-Dien said the batteries account for around 50% of an EV’s cost, adding that the SCZone initiated talks with key battery manufacturers and is engaging relevant ministries to support the government’s efforts.
Minister of Finance Ahmed Kouchouk, who joined the meeting via video conference, affirmed his readiness to cooperate with his fellow relevant ministers to develop various incentives to attract the largest EV manufacturers.
Kouchouk emphasized highly flexible negotiations with potential partners.
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