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Madbouly chairs 1st meeting of Egypt’s automotive industry committee

Madbouly chairs 1st meeting of Egypt’s automotive industry committee

Arab Finance: Prime Minister Mostafa Madbouly chaired the first meeting of the Supreme Committee for Automotive Industry, according to an official statement on September 28th.

The committee is responsible for ratifying the necessary policies, plans, and strategies to develop the automotive industry, Cabinet Spokesperson Nader Saad stated.

Moreover, the committee is in charge of setting the framework for legislative and administrative reforms to overcome obstacles in the vehicles industry, Saad added.

He also noted that the committee prepares a quarterly report, including business results and recommendations by the committees.

Additionally, he mentioned that the National Strategy for Automotive Industry, previously launched in June, includes special incentives for the localization of the automotive industry and related industries.

As for Egypt’s 2030 plan to develop the automotive industry, Saad noted that it is embodied in the development of a competitive auto sector that positions Egypt as a regional hub for the auto industry.

The plan’s strategic goals include attracting new investments as well as supporting the capabilities of local importers, he added.

Moreover, the auto committee meeting discussed a series of key requirements to implement the strategy, including offering customs duty cuts on imported inputs and postponing the payment of customs tax for companies for three months from the date of customs release.

A fund for monitoring and disbursing these incentives for these companies will be established, the release revealed.

Chairperson of the Association of Automobile Manufacturers Khaled Saad revealed that Egypt’s annual car imports reached $4 billion and could reach $8 billion unless the local industry was developed to export and secure foreign currency.

Saad unveiled that around 90% of cars detained by customs authorities were released, adding that there is an increased demand in the local market.

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