Minister of Investment and Foreign Trade Mohamed Farid said the ministry’s doors are open to support young entrepreneurs and ideas that offer innovative solutions for Egypt’s economy and industrial sector, describing Egyptian entrepreneurs as “heroes” who deserve every possible form of support.
He said advanced economies are built on innovation, adding that localising electric vehicle (EV) technologies is a key pillar of the government’s vision to enhance the competitiveness of the economy through technology transfer and deeper local industrial capabilities.
Farid said the ministry is committed to supporting innovative investments that address economic challenges and strengthen Egyptian exports, noting that transformative economic progress can only be achieved through unconventional ideas supported by an enabling regulatory and legislative framework, alongside appropriate incentives and safeguards.
He added that the government is pursuing these objectives in partnership with the private sector while fostering new generations of companies, investors and exporters by helping innovative businesses grow and expand.
His remarks came during a meeting with the founder and management team of EVRAID, a start-up specialising in the localisation of electric vehicle technologies. The discussions focused on the company’s experience and ways to support its efforts to localise EV technologies in line with the government’s strategy to deepen industrial development and boost exports.
The meeting forms part of the Ministry of Investment and Foreign Trade’s broader strategy to support Egyptian start-ups that offer innovative solutions to enhance the competitiveness of the economy, deepen local manufacturing by increasing domestic value-added and localising technology, and help develop a new generation of investors, manufacturers and exporters.
The EVRAID delegation included Sherif Diab, Chief Executive Officer and Managing Director; Ahmed El Shazly, Chief Technology Officer; and Gamal Tamraz, Business Development Manager.
Representing the ministry were Noha Khalil, Acting Chief Executive Officer of the Sovereign Fund of Egypt; Mohamed Ayyad, Assistant Minister for Media and Information Promotion; and Qassem Hassan, Director of the Industrial Fund at the Sovereign Fund of Egypt.
During the meeting, EVRAID presented its plans to localise electric drivetrain technologies, battery management systems and battery packs for low-voltage electric vehicles. Discussions also covered opportunities to cooperate with EV manufacturers operating in the Egyptian market and ways to increase local content in this promising industry.
The company also outlined its efforts to develop specialised software and engineering solutions for the electric vehicle sector, highlighting its success in exporting software services and advanced technologies to several leading global automotive companies. EVRAID further presented plans to expand the local production and assembly of batteries and related control systems in Egypt, supporting the country’s transition towards a more technology- and knowledge-based economy.
The meeting was part of a series of discussions held by the Minister of Investment and Foreign Trade with founders of small and medium-sized enterprises, start-ups and entrepreneurial ventures that provide innovative solutions to development challenges across different sectors of the economy. The discussions aim to help these businesses grow, overcome obstacles, expand production and exports, and strengthen the contribution of Egyptian companies to advanced technology industries, in line with the state’s strategy to increase exports, deepen local manufacturing and build a knowledge- and innovation-driven economy.
Farid stressed that the ministry is working to help companies seize new opportunities, particularly those led by young entrepreneurs and offering high-value-added products and technologies, thereby strengthening their ability to expand into international markets.
He said the government believes innovative Egyptian companies have the potential to become major exporters of technology rather than merely consumers of it.
Farid explained that localising industries linked to electric vehicles, particularly the production of advanced technological components, would help establish a more sophisticated and sustainable industrial base. He also highlighted the importance of leveraging Egypt’s engineering talent and the accumulated expertise of local companies to develop products capable of competing in regional and international markets.
He added that the ministry is working closely with the relevant authorities to continuously improve the investment climate and provide the incentives and guarantees needed to support industrial and technology investments, enabling companies to expand while increasing the contribution of advanced industries to GDP and Egyptian exports.
The minister also noted that developing domestic supply chains, particularly for production inputs and feeder industries serving modern manufacturing sectors, remains one of the state’s key priorities. He said expanding local production of critical EV components would help reduce import costs, create high-quality jobs and strengthen technology transfer to the Egyptian market.
Farid further stressed the importance of encouraging Egyptian companies to develop intellectual property, advanced engineering solutions and secure the international certifications and accreditations required to access export markets, thereby enhancing the global competitiveness of Egyptian products and services.
For his part, Sherif Diab, Chief Executive Officer and Managing Director of EVRAID, expressed his appreciation for the meeting and the constructive dialogue with the minister, praising his commitment to supporting investment, start-ups and young Egyptian entrepreneurs as they grow and expand.
Diab said the company employs highly qualified Egyptian professionals with extensive sector expertise. He added that EVRAID has the technical capabilities to localise low-voltage electric vehicle battery technologies and battery management systems, noting that the company already exports advanced EV technologies to leading global manufacturers.
He said the company aims to expand the localisation of these technologies in Egypt to support its growth plans while contributing to the development of the domestic industrial base.
Diab added that EVRAID invests heavily in research and development and works with both local and international partners to increase domestic value-added and expand export opportunities.
