Incentives program to stimulate domestic auto industry

An incentives program will be drawn up to boom the local auto industry, Trade and Industry Minister Tarek Qabil said on Tuesday.

The new program will help boost the car assembly industry and its feeding industries as well as preserving the rights of the workers in the field, he added.

Delivering a speech at Egypt Automative Conference, Qabil said the incentives will contribute to increasing the rate of local auto manufacturing and increase Egypt's exports of cars.

About 17 global companies are working in the domain of car assembling and manufacturing with more than 27 production lines as well as 80 companies are working in the field of the auto feeding industries.

The recovery of auto industry locally will help provide some 200,000 direct and indirect job opportunities, he stressed.

The companies working in the auto sector can benefit from free trade agreements that Egypt has signed with the European Union, Arab countries, the COMESA, the EFTA States, Turkey and the MERCOSUR bloc to export their products to the European, Arab, African and Latin America markets, he underlined.