New incentives to encourage automotive manufacturing

A new financial policy and incentives will be rolled out soon to encourage investors to establish automotive production industries in Egypt, Industry and Trade Minister Mounir Fakhri Abdel Nour said.

The ministry’s target is to manufacture 500,000 cars by 2020 and double the figure to one million by 2025, the minister said during an Egyptian-South Korean partnership conference organized by “Al Ahram” newspaper.

Last year, 300,000 cars have been manufactured in Egypt, he said.

The minister said he was a huge admirer of the economic experience of South Korea as the country has poor natural resources but managed to achieve remarkable growth rates through a set industrial and economic policy.

South Korea has built its economy through achieving industrial development pivoted on high added value industries to become one of the largest exporter countries worldwide, he said.

He said South Korea has three large investments in Egypt: Samsung, LG and Hyundai.
Source: MENA