Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid met with executives of local startup EVRAID to discuss plans to localize electric vehicle (EV) technology, according to a statement.

The move comes as the government seeks to deepen domestic manufacturing and expand high-value exports.

The meeting focused on EVRAID's plans to localize electric powertrain technology, battery management systems, and battery packs for low-voltage electric vehicles.

The company also outlined opportunities to cooperate with EV manufacturers operating in Egypt and discussed ways to increase local content in the country's emerging EV industry.

EVRAID has developed software and engineering solutions for the EV sector and currently exports advanced software services and technologies to several global automotive companies. It also plans to expand battery assembly and control system production in Egypt.

Farid highlighted that supporting innovative startups forms part of the ministry's strategy to strengthen Egypt's industrial base through technology localization and higher local manufacturing content.

He added that localizing EV technology is a key pillar of the government's efforts to improve the competitiveness of the economy by transferring technology, deepening industrial production and increasing exports.

Moreover, Farid noted that the ministry is working with relevant authorities to improve the investment climate and provide incentives for industrial and technology investments, while helping innovative Egyptian companies expand into international markets.

Meanwhile, CEO of EVRAID Sherif Diab said the company has the expertise to localize low-voltage EV battery technology and battery management systems, adding that it already exports advanced EV technologies to major global automotive companies.

Diab pointed out that the company is allocating funding to expand research and development and is working with local and international partners to increase local content and boost exports.