The final strategy for the automotive industry will be completed next month, according to the head of the Central Administration for Local Manufacturing Development, an affiliate of the Industrial Development Authority (IDA), Alaa Salah Eldin.
He added that the strategy focuses on three main axes: establishing domestic manufacturing, export, and quantitative production. He stressed that the strategy aims to benefit the entire sector and not only two companies, as companies working in the sector are called to participate.
Salah Eldin further stressed that Egyptian companies should head towards the manufacture of electric cars to avoid lagging behind other countries, especially since electric cars are no different from others, except in four elements only.
He pointed out that the ideal solution for the automotive industry is to keep pace with foreign markets in the feeder and component industries, as well as open up external export markets.
Ahmed Fekry Abd El Wahab, moderator of the Egypt Automotive summit, asked Raouf Ghabbour, chairperson of GB Auto, about the effectiveness of incentives currently provided by the government to the automotive industry.
Ghabbour said, “the most important thing is to announce the strategy of the automotive industry. Three years we’ve been waiting for it, and we will not invest millions until it’s ready, and after it is, I will be on their side.”
“Even if the government gave us the land for free without clear vision and strategy, it would not be enough for the sector,” he added.
“The investment ministries in Morocco and Turkey offered incentives amounting to 20% of the value of the investments in full, following the announcement of our company’s desire to establish a rubber factory,” Ghabbour said