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Additionally, a specialized unit within the Ministry of Finance has been established to streamline procedures and resolve any challenges, reinforcing the state’s efforts to boost annual car production with increasing local added value.
Egyptian Minister of Finance Ahmed Kouchouk announced that EGP 1 billion has been allocated in the FY2024-25 budget to support the Automotive Industry Localization Strategy in Egypt.
This funding aims to attract investment partnerships in vehicle manufacturing while targeting an increase in locally sourced components to exceed 45% of total car production this year.
The minister highlighted that seven companies have already registered under the Automotive Industry Localization Strategy initiative.
In August, the Customs Authority released the first shipments of production supplies under this initiative. To facilitate participation, the government has automated tax and customs transactions for registered companies.
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Additionally, a specialized unit within the Ministry of Finance has been established to streamline procedures and resolve any challenges, reinforcing the state’s efforts to boost annual car production with increasing local added value.
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