Egypt allocates almost US$20 million to develop the automotive industry
The plan aims to attract investment in the automotive sector
The Egyptian government has allocated about US$19,7 million in the budget for the 2024/25 fiscal year to finance a strategy aimed at localising the automotive industry. This was announced by the country's Minister of Finance Ahmed Kouchouk. This is reported by Daily News Egypt, a partner of TV BRICS.
The plan envisages attracting investments and partnerships in the automotive industry, as well as increasing the share of local components in production to more than 45 per cent as early as this year.
According to Ahmed Kouchouk, seven companies are currently registered in the automotive localisation initiative. The Customs Service has already released the first batches under the initiative last August.
Tax and customs operations for the registered companies have been automated to simplify the processes. The Egyptian Ministry of Finance has also established a specialised unit to facilitate procedures. All these measures are aimed at increasing the annual production of more value-added vehicles locally.
Photo: iStock-
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