November 26... Launch of the 9th "Egypt Automotive" Summit under the patronage of the Ministries of Industry and Investment

Cairo is preparing to host the 9th "Egypt Automotive" Summit on November 26, 2024, at the Royal Maxim Palace Kempinski, under the patronage of the Ministries of Industry, Investment, and Foreign Trade.

This summit is considered one of the most prominent economic events in Egypt and the region, bringing together industry leaders, investors, and decision-makers to discuss the future of the Egyptian automotive industry.

Following consecutive successes over eight previous editions, the new version comes to strengthen the partnership between the public and private sectors, drive local manufacturing, and open new horizons for Egyptian exports in African and global markets.

The "Egypt Automotive" Summit 2024 aims to build on previous successes through several main axes. The summit seeks to enhance local industry by increasing the percentage of local components used in cars manufactured in Egypt and focuses on increasing exports and opening new markets for Egyptian cars in Africa and worldwide. Additionally, the summit aims to activate the African Free Trade Agreement, expanding the reach of Egyptian products to African markets. The summit will also discuss ways to strengthen public-private partnerships to establish new foundations for developing the automotive market in Egypt.

Throughout previous editions, the "Egypt Automotive" Summit achieved several notable accomplishments that contributed to supporting the automotive industry in Egypt. Among these achievements was the launch of the National Strategy for Automotive Industry Development in 2022 during the fifth and sixth editions, as well as the unveiling of the Automotive Industry Development Program (AIDP) during the eighth edition in 2023, which aims to enhance local components in Egyptian cars. The summit also contributed to raising the percentage of local components in cars manufactured in Egypt to more than 40%.

The Automotive Industry Development Program (AIDP), announced during the eighth edition, represents an important step towards strengthening local industry by encouraging the use of Egyptian components in locally produced vehicles. The government responded to manufacturers' demands in 2023, helping develop the program to align with industry ambitions and enhance the competitiveness of Egyptian products in global markets.

In a statement, Mohamed Aboul Fotouh, CEO of "Egypt Automotive" Summit, confirmed that the ninth edition comes at a pivotal time for the Egyptian automotive industry, as the summit seeks to transform industry challenges into tangible opportunities. He added that the summit will focus on supporting exports, expanding the local manufacturing base, and raising quality standards, aiming to achieve regional leadership for Egypt in this vital sector.

Over the years, the "Egypt Automotive" Summit has provided many recommendations that helped drive the automotive industry in Egypt. Among these recommendations were providing incentives for companies exporting cars and components, and facilitating companies' access to land necessary for industrial expansion. The summit also recommended adopting international quality standards to ensure local products meet global specifications and organizing spare parts imports according to international standards.

On the technology front, the summit highlighted Egypt's progress in automotive software, where Egypt has become a major source for developing these programs. The government responded to Stellantis's recommendations by modifying customs incentives, enabling European companies exempt from customs to benefit from local incentives, enhancing the competitiveness of the Egyptian market in this growing field.

The "Egypt Automotive" Summit continues its leading role in supporting the Egyptian automotive industry by strengthening partnership between government and private sector, and providing effective recommendations to drive development. The ninth edition represents a pivotal opportunity to transform challenges into real opportunities and enhance Egypt's position as a regional power in the automotive industry.