Cairo: TV BRICS has praised the great development of the automotive industry in Egypt with the government’s support to localize this industry. TV BRICS cited the statements of Minister of Finance Ahmed Kouchouk on allocating about US$19.7 million in the budget for the 2024/25 fiscal year to finance a strategy aimed at localizing the automotive industry.

According to State Information Service Egypt, 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 percent as early as this year. Kouchouk highlighted that seven companies are currently registered in the automotive localization 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 specialized unit to facilitate procedures. All these measures are aimed at increasing the annual production of more value-added vehicles locally.