Escalation of War in Gaza to Increase Food Insecurity, Inflation in Middle East: World BankSource: www.export-egypt.com 11/8/2023, Location: Africa |
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Egypt's Supreme Council for Vehicle Manufacturing is set to sign four partnership agreements with various companies, within a few days to manufacture automobiles in the country, according to a Cabinet statement.
Prime Minister Mostafa Madbouly, chairing the council's meeting, emphasized the government's commitment to promoting the production of electric vehicles (EVs) and curbing the use of fossil fuel-powered cars to advance Egypt’s plans to combat climate change. In line with this vision, Madbouly urged the swift implementation of incentives to manufacture electric cars. The meeting also focused on revising existing laws to provide incentives for the adoption of vehicles that run on clean energy. Madbouly instructed that any such draft law amendments be promptly presented to the Cabinet, emphasizing the government's keenness to facilitate the transition to clean energy vehicles. Existing laws, like the Aging Vehicle Replacement Initiative, have already made substantial progress in getting older, more polluting cars off the road. Since the initiative’s launch in 2014, over 507,000 vehicles have been converted to operate on natural gas and the number of natural gas filling stations has increased from 61 to 910. Egypt’s push for more clean energy cars goes hand-in-hand with its efforts to revitalize its auto industry. Egypt unveiled its national strategy for localizing the automotive industry in 2022, with the aim of positioning itself as a key player in Africa's emerging vehicle markets. Boosting domestic manufacturing of vehicles may also help stabilize Egypt’s domestic automotive market. Since March 2022, the market has been grappling with unprecedented stagnation largely due to a decline in imports and a shortage of foreign currency. |
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Financials and Investment News in Egypt >> |
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