Egypt has signed a binding framework agreement with Global Auto to boost the car sector in the Arab Republic.
The signing ceremony was attended by Dr. Mohamed Maait, Minister of Finance, Ahmed Samir, Minister of Trade and Industry, and Mohamed Qandeel, CEO of Global Auto, along with other company officials.
Representatives from the Egyptian government, including Hussam Heiba, CEO of the General Authority for Investment and Free Zones; El Shahaat El Ghatouri, Head of the Egyptian Customs Authority, representing the Eco-Friendly Car Manufacturing Finance Fund; and Jumaa Mohammed Madani, Head of the Car Manufacturing Unit at the Ministry of Trade and Industry, signed the agreement.
From Global Auto‘s side, the agreement was signed by Engineer Fahd Al Ghanim, Chairman of Global Auto.
On the sidelines of the event, Dr. Mostafa Madbouly emphasized the significance of this agreement in light of the government’s focus on developing and nurturing the car industry in Egypt, particularly eco-friendly vehicles.
He referenced Law No. 162 of 2022, which established the Supreme Council for Car Industry and the Eco-Friendly Car Manufacturing Finance Fund, aimed at developing the car manufacturing sector in Egypt and providing resources for the production of environmentally friendly vehicles.
These vehicles are defined as either producing no emissions or having a lower environmental impact than fossil fuel-powered vehicles, according to regulated emission standards.
The Prime Minister also highlighted that this cooperation aligns with the release of the “National Program for Automotive Industry Development (AIDP),” which outlines a comprehensive policy for car manufacturing and related industries, providing a stable system compatible with international commitments.
The AIDP primarily relies on the private sector to drive development, while the government creates a conducive environment for the long-term prosperity of the car industry by integrating it into the global production and trade system.
All parties to the framework agreement have agreed to a binding cooperation to achieve the objectives of the AIDP in accordance with the procedural governance of the Eco-Friendly Car Manufacturing Finance Fund.
This agreement marks a pivotal step in Egypt’s journey towards a more sustainable automotive industry and reflects the country’s commitment to environmental responsibility and industrial innovation.
