Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) is studying a group of customs incentives aimed at increasing local components in the automotive industry.
The government is planning to up tariffs reductions for car-related industries, Egyptian finance minister, Mohamed Maait, said.
Customs incentives under consideration include boosting imports of eco-friendly busses and gas-fueled cars to capitalise on the boom in Egypt’s gas output, the minister added.
The shift towards eco-friendly cars contributes to the reduction of conventional fuel imports, which weigh on Egypt’s balance sheet, Maait remarked.
Maait noted that the Egyptian government is seeking to employ the shift towards natural gas to bolster domestic manufacturing.
