Arab Finance: The Egyptian government has allocated EGP 1 billion in the fiscal year (FY) 2024/2025 budget to support the Automotive Industry Localization Strategy, Minister of Finance Ahmed Kouchouk announced.

Kouchouk indicated that this initiative aims to attract investment partnerships in car manufacturing and increase vehicle production with a local component exceeding 45% this year.

A total of seven companies joined the strategy, while the Egyptian Customs Authority (ECA) released the first shipments of production supplies under this initiative last August, he stated.

The minister added that the government automated the tax and customs transactions for those registered in the initiative to secure smoother operations.

The Ministry of Finance has a specialized unit to facilitate procedures and enable companies to expand their annual car production at an increasing local added value.

He elaborated that eligibility for incentives is linked to achieving production targets. He noted that the first incentive payout of EGP 120 million has been issued to Nissan,enabling the companyofsettlingits government dues andreducingits burdens.

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