{"id":550225,"date":"2022-10-19T04:01:32","date_gmt":"2022-10-19T04:01:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/is-egypt-finally-getting-serious-about-its-domestic-auto-assembly-industry\/"},"modified":"2022-10-19T04:01:32","modified_gmt":"2022-10-19T04:01:32","slug":"is-egypt-finally-getting-serious-about-its-domestic-auto-assembly-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/is-egypt-finally-getting-serious-about-its-domestic-auto-assembly-industry\/","title":{"rendered":"Is Egypt finally getting serious about its domestic auto assembly industry?"},"content":{"rendered":"

<\/a> Auto assembly legislation + expat car import scheme get parliament sign-off<\/strong>: <\/strong>The House of Representatives\u2019 general assembly gave its final approval yesterday to two separate bills of particular interest to car assemblers and distributors. The first is legislation that will see the establishment of a new council to set policy for local vehicle industry (including EV assembly), alongside a new fund for environmentally-friendly cars. The second is a bill that will allow Egyptians living abroad to import cars and get customs and fee rebates.<\/p>\n

Automotive bill #1<\/strong>: <\/strong>The House passed legislation that will establish a new regulatory body to set policy for the Egyptian automotive industry and launch a fund to provide incentives to businesses that assemble more environmentally friendly vehicles. The Supreme Council for Vehicle Manufacturing will draft policies, strategies, regulation and legislation governing the wider automotive industry, including EVs<\/a>.<\/p>\n

The council\u2019s purview:<\/strong> Laying out policies and a general strategy to develop the local automotive industry, including legislative and administrative reforms, taking \u201cany steps it sees fit\u201d to create a business environment suitable for automotive assembly, and working to bring in institutional knowledge and know-how, according to a copy of the bill seen by Enterprise.<\/p>\n

About the incentive fund:<\/strong> The fund is designed to help develop the domestic production of environmentally friendly cars, including putting in place incentive programs to encourage innovation and otherwise make the sector competitive. The law defines \u201cenvironmentally-friendly vehicles\u201d as those with zero emissions or a smaller carbon footprint than traditional cars (including electric vehicles, dual-fuel, and other hybrid cars), with details on emissions standards for eligibility to follow.<\/p>\n

Automotive bill #2:<\/strong> The bill allows Egyptian expats to import new cars and get an eventual rebate on all related fees if they pay upfront in FX. Expats will have four months<\/a> following the publication of the law in the Official Gazette to register their personal information, details of the car they want to buy, and pay the required fees and taxes (customs fees, VAT, and other taxes) upfront to the Finance Ministry in FX. They\u2019ll then have a year to finalize the purchase of their car and can get a full rebate on the dues in five years\u2019 time in EGP, at the USD-EGP exchange rate at that time and without interest.<\/p>\n

The details: <\/strong>The Finance Ministry is expected to publish a detailed list of the customs and required FX deposit sizes for different car models within two weeks <\/strong>of the law being published in the Official Gazette. Importers can also switch car models after registering their details as long as it\u2019s still within the one-year window and they settle any difference in the value of the FX deposit.<\/p>\n

FinMin expects big inflows of FX and cars:<\/strong> The scheme could raise up to USD 2.5 bn in FX, Finance Minister Mohamed Maait said earlier this week<\/a>. The state is hoping to see domestic distributors bring between 300-500k cars in the four-month window \u2014 a significant jump from average annual car imports of 150k a year, Maait said.<\/p>\n

WHAT\u2019S NEXT-<\/strong> The bills should now go to President Abdel Fattah El Sisi for signoff. Policymakers then have up to six months to finalize and publish the executive regulations for the bills.<\/p>\n","protected":false},"excerpt":{"rendered":"

Auto assembly legislation + expat car import scheme get parliament sign-off: The House of Representatives\u2019 general assembly gave its final approval yesterday to two separate bills of particular interest to car assemblers and distributors. The first is legislation that will see the establishment of a new council to set policy for local vehicle industry (including […]<\/p>\n","protected":false},"author":1,"featured_media":550226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7339],"tags":[144,72,356,274,180],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-enterpriseam","tag-evs","tag-house-of-representatives","tag-legislation","wpautop","entry"],"acf":{"mongo_id":"1bb32be5-6b9f-4a72-8fb2-75e41e7cfdde","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/266.jpg","photo_position":"above","related_issue":[550221],"teaser":"","voice_url":""},"yoast_head":"\nIs Egypt finally getting serious about its domestic auto assembly industry? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/is-egypt-finally-getting-serious-about-its-domestic-auto-assembly-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Egypt finally getting serious about its domestic auto assembly industry?\" \/>\n<meta property=\"og:description\" content=\"Auto assembly legislation + expat car import scheme get parliament sign-off: The House of Representatives\u2019 general assembly gave its final approval yesterday to two separate bills of particular interest to car assemblers and distributors. 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Sen. Mohamed Halawa, who leads the Senate\u2019s industry and trade committee, told reporters yesterday that the bill will also set up a\u2026","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":653074,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/29\/car-importers-to-send-house-report-with-their-requests-for-automotive-directive\/","url_meta":{"origin":550225,"position":1},"title":"Car importers to send House report with their requests for automotive directive","author":"enterpriseam admin","date":"29 January 2017","format":false,"excerpt":"Auto importers look to dominate the debate on the automotive directive: Car importers and auto feeders are looking to stake their claim over the automotive directive as the House of Representatives resumed discussions on the legislation last week following an announced hiatus. Importers, including Volkswagen, Seat, Kia Motors, and Ford\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651739,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/20\/house-to-conclude-automotive-directive-discussions-next-week\/","url_meta":{"origin":550225,"position":2},"title":"House to conclude Automotive Directive Discussions next week","author":"enterpriseam admin","date":"20 February 2017","format":false,"excerpt":"And that\u2019s not all, as it seems there is light at the end of the tunnel that is the House for the automotive directive. The House of Representatives\u2019 Industry Committee will set a date to vote on the Automotive Directive in the general assembly once the legislation is final. When\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":608096,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/mansour-auto-plans-new-factory-for-vehicle-assembly-components-manufacture\/","url_meta":{"origin":550225,"position":3},"title":"Mansour Auto plans new factory for vehicle assembly, components manufacture","author":"enterpriseam admin","date":"15 October 2023","format":false,"excerpt":"The company is set to invest USD 35 mn in the project","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/699.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595540,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/govt-looking-to-impose-development-tax-on-cars\/","url_meta":{"origin":550225,"position":4},"title":"Gov\u2019t looking to impose development tax on cars","author":"enterpriseam admin","date":"30 September 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t mulls industry-wide development tax for the automotive industry: The government is considering imposing a development tax on all imported and locally produced cars, two government sources told Enterprise. The idea of a sliding tax that varies with engine size is now being discussed by a ministerial committee tasked\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1903.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650047,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/15\/critics-of-the-automotive-directive-still-trying-to-derail-and-postpone-the-legislation\/","url_meta":{"origin":550225,"position":5},"title":"Critics of the automotive directive still trying to derail and postpone the legislation","author":"enterpriseam admin","date":"15 March 2017","format":false,"excerpt":"Critics of the automotive directive are still trying to derail the bill and they\u2019re using Europe as a peg: A number of local auto industry players (cough, importers) are suggesting that discussions on the automotive directive \u2014 which would give tax breaks to local manufacturers and protect them against unfair\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550225"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550225\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550226"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550225"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550225"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}