New strategy for automotive industry to be submitted to Egypt’s Cabinet soon

Egyptian trade and industry ministry is about to submit new strategy for automotive industry to the Cabinet within the upcoming period, Minister Tarek Qabil stated Sunday.

The new strategy targets strengthening local automotive industry and encourage global firms to manufacture inside the Egyptian market, the minister said.

He added that the central core of the strategy depends on rising local industry rate in automotive manufacturing processes to 60 percent gradually according to a schedule.

Qabil clarified that the strategy encompasses the potential that local auto importers could export determined share of car components to foreign markets.

Industry ministry is set to provide a bunch of incentives to encourage automotive firms to exist effectively in the Egyptian market within the coming period, minister Qabil pointed out.