(MENAFN- Daily News Egypt) The Egyptian government is launching a strategy to revitalise the automotive industry aiming to produce 1m cars in Egypt by 2025, according to Minister of Industry Tarek Qabil.
The strategy aims to attract international companies working in the automotive sector to fully manufacture in Egypt to benefit from the commercial agreements signed by Egypt, Qabil said during the Egypt Automotive summit on Tuesday.
"The strategy, which the ministry is launching soon, will work to increase car exports to African and Arab markets," said Qabil. He noted that there are negotiations with several leading countries in the automotive industry to benefit from their expertise.
The ministry is working on a number of legislations to present to the next parliament to facilitate the system of permits and industry as a whole.
The strategy also aims to address the challenges posed by the liberalisation of the market to imports from the EU by 2019, which will be followed by reducing the level of protective measures the sector enjoys locally.
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