Ministers of Investment, Industry launch second Egypt Automotive summit

Daily News Egypt
3 Min Read
Investment Minister Ashraf Salman (DNE Photo)

The second annual Egypt Automotive summit kicks off Tuesday under the auspices of Minister of Investment Ashraf Salman, Minister of Industry and Trade Tarek Qabil, and head of the Suez Canal Authority Vice Admiral Mohab Mamish at Semiramis Intercontinental Hotel.

The summit will discuss a number of key themes and challenges facing the automotive sector and the industry’s strategy, as well as the means for building an automotive and feeder industries export base. In addition, the government’s vision for the sector and its priorities to attract direct investment from international companies will be discussed, according to Chairman of Business News Mustafa Sakr, who is responsible for organising the summit.

A number of officials representing international automotive companies will attend the summit to discuss the vision for investment and the future of the sector in Egypt. They will discuss the challenges of international companies and means to overcome them to exploit Egypt’s geographical location and the international conventions it signed, which provide access to African markets.

The summit will include sessions focusing on the automotive and feeder industries strategy to review the Ministry of Industry’s vision for the future of investment in the automotive industry and the incentives included to increase the ratio of local components. The impact of trade conventions on import and export policies will be discussed, in addition to the government’s role in developing the infrastructure for the automotive industry.

The summit will also discuss finance, insurance, and financial leasing operations and their role to stimulate the sector and the mechanisms to provide foreign liquidity to import cars and components.

The summit will also include an open discussion with the automotive community about taxes and customs and their impact on the sector. The session will also discuss means to regulate the market and ensure the state treasury’s privileges.

Governor of Cairo Galal Saeed will review the plan to establish an auto city and the alternatives proposed for the city’s financing and management with the participation of different industry and trade entities and the plan prepared by the Ministry of Interior to improve traffic flow. The governor will also discuss means of cooperation with the private sector to automate traffic lights and facilitate licensing procedures.

A group of officials and heads of government agencies, business organisations, and heads of automotive manufacturers, traders, agents, and distributors will attend the summit along with a number of investors in feeder industries, banks, and insurance companies.

The summit is organised by Business News, which prepared the agenda after meeting with different entities involved in the industry for the summit to relay the market’s needs.

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