We aim to increase the production of cars with a local component exceeding 45% during the current year

7 companies registered so far Customs released the first shipments of production supplies last August

Automating tax and customs transactions for registrants. A specialized unit in finance to facilitate procedures

Continuing communication with car companies to motivate them to register in the new system

We are working with the relevant ministries to provide all support to facilitate local production of cars

Issuing the first entitlement to Nissan worth 120 million pounds, and can be settled with its government debts

 

 

Minister of Finance, Ahmed Kouchouk, assured that EGP 1 billion has been allocated in the current budget of 2024/25 to finance the "Automotive Industry Localization Strategy" in Egypt, and to attract investment partnerships in the field of automotive manufacturing, taking into account that we aim to increase the production of cars with a local component exceeding 45% during the current year.

 

The Minister added that there are 7 companies registered so far in the "Automotive Industry Localization Strategy" initiative, and the Customs Authority has released the first shipments of production requirements under this initiative, during last August, pointing out that the tax and customs transactions of those registered in the initiative have been automated in a way that contributes to facilitating for them, and there is a specialized unit in the Ministry of Finance to facilitate procedures and overcome any obstacles they may face, which drives the state's efforts to increase the volume of annual production of cars with an increasing local added value.

 

The Minister said that we are continuing to communicate with car companies to motivate them to register in the new system in order to achieve the state's objectives in increasing the local component, stressing that we are working with the competent ministries to provide all support to facilitate local production of cars.

 

The Minister explained that the entitlement to incentives is linked to the achievement of the targets, and the first entitlement was issued to Nissan with a value of 120 million pounds and can be settled with its government debts, thus reducing the company's burdens and then providing the required cash flows for its operations.