{"id":597450,"date":"2019-07-28T04:05:15","date_gmt":"2019-07-28T04:05:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/28\/egypt-targets-usd-5-bn-auto-sector-fdi-over-two-years\/"},"modified":"2019-07-28T04:05:15","modified_gmt":"2019-07-28T04:05:15","slug":"egypt-targets-usd-5-bn-auto-sector-fdi-over-two-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/28\/egypt-targets-usd-5-bn-auto-sector-fdi-over-two-years\/","title":{"rendered":"Egypt targets USD 5 bn auto sector FDI over two years"},"content":{"rendered":"

<\/a> EXCLUSIVE- Gov\u2019t targeting USD 5 bn auto sector FDI over two years: <\/b>The government is hoping to attract USD 5 bn of foreign direct investment into the automotive sector within the next two years, two government sources told Enterprise. The target is part of a plan to develop the sector by growing local car assembly and manufacturing through a package of incentives authorities revealed last month<\/a>, one of the sources said. The proposed incentives program could see the finance and trade ministries provide custom breaks to local assemblers and manufacturers that use at least 45% local components.<\/p>\n

Expect agreements with US companies soon to help reach our goal: <\/b>Government officials were in discussions last week with US-based auto manufacturers, including Ford, on the sidelines of a meeting on procedural and administrative matters for the Trade and Investment Framework Agreements (TIFA)<\/a> in Washington last week. TIFA \u2014 which could lead to freetrade with the US, provided Egypt relaxes non-tariff trade barriers and tackle several other issues<\/a> \u2014 will \u201cpave the way for American auto manufacturers to set up shop here,\u201d one of our sources said. The ongoing talks will likely result in a number of agreements by the end of the year, according to the source.<\/p>\n

The Japanese are also looking to get in on the action, but want more benefits: <\/b>Four Japanese companies with which the government is in talks<\/a> are \u201cwelcoming\u201d of the idea of setting up shop here, the other source tells us. Toyota, Suzuki, Nissan, and Isuzu have, however, requested a 100% customs discount for imported materials if they achieve the 45% minimum for domestic components. \u201cWe have rejected this request to drive more assemblers past the 60% mark [for the minimum use of local components],\u201d the source said. Companies which reach 60% already pay close to 0% customs, he added.<\/p>\n

BMW, Honda are queuing up, too: <\/b>Officials are also in talks with BMW and Honda to assemble motorbikes locally, the source added. Since assembling motorbikes is similar to putting together passenger cars, motorbikes will also enjoy custom breaks too, he pointed out.<\/p>\n

Who else is looking at the sector? <\/b>Sources told us last month<\/a> that the discussions underway involve US, Chinese, Japanese and Korean automakers. Alongside the four Japanese companies, China\u2019s Dongfeng and India\u2019s Tata joined in as potential investors<\/a>. Brilliance Bavarian Auto is also planning to invest USD 120 mn<\/a> to return to domestic assembly in Egypt using the existing facilities of its parent company, BMW Bavarian Auto Group.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Gov\u2019t targeting USD 5 bn auto sector FDI over two years: The government is hoping to attract USD 5 bn of foreign direct investment into the automotive sector within the next two years, two government sources told Enterprise. The target is part of a plan to develop the sector by growing local car assembly […]<\/p>\n","protected":false},"author":1,"featured_media":597451,"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":[8572],"tags":[144,72,103,131,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-automotive","tag-enterpriseam","tag-fdi","tag-manufacturing","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"392ab0e8-58ee-4934-8642-aca87e92cf7b","is_powered_by":true,"section_story_id":"6d37c2d4-677d-4d5c-98f5-1feb210af3d4","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/6\/1903.jpg","photo_position":"above","related_issue":[597440],"teaser":"","voice_url":""},"yoast_head":"\nEgypt targets USD 5 bn auto sector FDI over two years - 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\/2019\/07\/28\/egypt-targets-usd-5-bn-auto-sector-fdi-over-two-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt targets USD 5 bn auto sector FDI over two years\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Gov\u2019t targeting USD 5 bn auto sector FDI over two years: The government is hoping to attract USD 5 bn of foreign direct investment into the automotive sector within the next two years, two government sources told Enterprise. 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FDI into the automotive sector remains a challenge, El Sisi says: The government hasn\u2019t been able to attract the foreign direct investment needed to spur growth in the automotive industry, President Abdel Fattah El Sisi said during the Investment for Africa Forum, which wrapped up yesterday in\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\/2020\/7\/34.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/","url_meta":{"origin":597450,"position":1},"title":"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"The Oil Ministry wants to attract USD 7 bn of foreign direct investment (FDI) into the oil and gas sector in FY 2022-2023, Reuters reported Oil Minister Tarek El Molla as telling Sky News Arabia TV yesterday.Oil + gas accounts for almost half of Egypt\u2019s FDI: At least, it did\u2026","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\/2022\/1\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599049,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/egypt-fdi-falls-in-2018-amid-global-investment-drop-off\/","url_meta":{"origin":597450,"position":2},"title":"Egypt FDI falls in 2018 amid global investment drop-off","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"Foreign direct investment into Egypt fell 8.2% in 2018 amid global investment drop-off: Egypt retained its position as the largest recipient of foreign direct investment in Africa last year despite inflows falling 8.2% to USD 6.8 bn, according to UN figures. 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The new calculation, which boosts last year\u2019s\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":567381,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/egypt-remains-largest-fdi-recipient-in-africa-in-2019\/","url_meta":{"origin":597450,"position":4},"title":"Egypt remains largest FDI recipient in Africa in 2019","author":"enterpriseam admin","date":"21 January 2020","format":false,"excerpt":"Egypt continues to lead Africa on FDI: Egypt remained the largest recipient of foreign direct investment in Africa last year, seeing inflows rise 5% y-o-y to USD 8.5 bn, according to the UN Conference on Trade and Development\u2019s latest Global Investment Trends Monitor (pdf). The report said that the country\u2019s\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\/2020\/1\/660.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593659,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-non-loan-imf-program-still-under-consideration-maait-tells-bloomberg\/","url_meta":{"origin":597450,"position":5},"title":"Egypt\u2019s non-loan IMF program still \u201cunder consideration,\u201d Maait tells Bloomberg","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Non-loan IMF program still under consideration but nothing conclusive yet -Maait: Egypt is still looking at securing a non-loan program with the IMF, but future cooperation with the fund could also continue \u201cunder any form,\u201d Finance Minister Mohamed Maait told Bloomberg TV on Thursday (watch, runtime: 2:47). The minister said\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\/10\/262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597450","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=597450"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597450\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597451"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597450"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597450"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}