Investment Minister discusses automotive industry localization, sector’s challenges
Hassan El-Khatib, Minister of Investment and Foreign Trade, held an extensive meeting with the managing directors of global automotive companies, agents, distributors and dealers, to discuss localizing the automotive industry in Egypt and the challenges facing the sector. This aligns with the state’s trend to localize this industry and create an export base.
El-Khatib stressed that the Egyptian government pays great attention to the automotive sector. This vital sector is of great importance in terms of attracting foreign investments and localizing the industry, according to the Minister. He added that the ministry is developing transparent policies and clear standards to regulate the sector in Egypt.
Additionally, the government is trying to implement more reforms and financial and procedural policies. Through that, it aims to provide more facilities for local investors and help along the movement of foreign trade in Egypt.
The Minister pointed out that the Egyptian market has multiple competitive advantages and elements, compared to other countries. The Ministry is actively seeking to utilize these opportunities to attract more investments. He pointed out that the ministry’s current priorities are to reduce the customs clearance period and taxes and financial burdens investors are shouldering.
El-Khatib listened to the proposals of agents, distributors, and car dealers to remove all challenges facing this vital sector and develop it.
The meeting was attended by Gihan Saleh, Advisor to the Prime Minister; Ahmed El-Wakil, Chairperson of the Federation of Egyptian Chambers of Commerce; Alaa Ezz, Secretary-General of the Federation of Egyptian Chambers of Commerce; and Amani El-Wesal, Head of the Agreements and Foreign Trade Sector at the ministry.
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