Egypt’s financial policies support industrial localization: Maait

Egypt’s financial policies support industrial localization: Maait

Egypt - Minister of Finance Mohamed Maait has affirmed the government’s commitment to implementing financial policies that support the localization of industries in Egypt, which play a crucial role in the national economy. He said that the government aims to diversify the growth structure, rely on production and exports, and create hundreds of thousands of job opportunities annually. To achieve this, the government has launched a new path that provides cash benefits and incentives linked to real targets in strategically and globally competitive industrial sectors, focusing on optimizing around 152 investment opportunities based on strong infrastructure.

Maait made these remarks in his speech at the Scientific Association for Tax Legislation conference titled “Financial and Monetary Policies in Supporting National Industry”. He mentioned the launch of the national program for eco-friendly car manufacturing, which involves signing protocols with seven companies that will benefit from incentives, such as reduced customs categories and cash benefits. These measures aim to enhance the budget of the Eco-Friendly Car Industry Fund by EGP 500m, contributing to boosting local car assembly, reducing import costs, and deepening private sector participation. He also said that eight companies are collaborating with the government in the initiative to replace old vehicles with