Ahmed Samir, chairperson of the Industry Committee in the House of Representatives, said that the committee is waiting for the government to send the strategy of the automotive industry during the month of November. He added that the government had commissioned one of the large international offices to make some changes to the strategy to further establish the car industry in Egypt while drawing on the experiences of other countries in this regard. Parliamentary sources told Daily News Egypt that the political leadership met one of the former officials of the Ministry of Industry to explain the details and asked him to write a detailed memorandum on the future of the automotive industry in Egypt and linking it to the international conventions signed by Egypt.
Minister of Industry and Foreign Trade Tarek Kabil previously told Daily News Egypt that the consultancy office, assigned with drafting a new strategy, has not yet finished it.
According to the Minister of Industry, the strategy will come to light early next year because of the notes made by the House of Representatives and some manufacturers working in the car industry.
He explained that the strategy aims to create a real automotive industry in Egypt through increasing the proportion of local components, driven by the big local market and the expanding foreign markets as Egypt signs agreements in Africa and Arab countries.
He said the strategy aims to give incentives to manufacturers that raise the export rate of cars made in Egypt, thus generating hard cash for the economy and reducing pressure on foreign exchange reserves.
The Industry Committee Undersecretary Mohamed El-Zeiny said that the parliament will work on hearing all parties concerned with the automotive industry and the industries it feeds into.