The Board of Directors of the Chamber of Engineering Industries and the members of its General Assembly concerned with the sector of manufacturing of means of transport and its components received the decision of the Ministry of Industry No. 571 of 2019 with great satisfaction.
The decision came in response to the demand of manufacturers in the manufacture of vehicles and industries feeder so that these companies to develop investment plans based on a clearer vision, according to an official statement of the room.
The statement added that after the announcement by the Presidency of the Council of Ministers through the official media channels, received by the two cars and feeder industries with great satisfaction and satisfaction, the Ministry of Trade and Industry is currently proposing a number of investment incentives that will strengthen the localization of the vehicle industry and increase its dependence on the component Which has a positive impact on the national economy and put Egypt on the global investment map for the engineering and technological industries, pointing out that this step contributes to providing greater employment opportunities, upgrading the skills of technicians and engineers as well as lowering the prices of vehicles Locally, and to provide a better competitive environment between companies.
The Minister of Trade and Industry presented a comprehensive report on the Ministrys vision to develop the Egyptian transport industry in Egypt, which aims to become one of the leading countries in the field of car manufacturing, pointing out that these restrictions include providing the necessary incentives for investors in this sector and overcoming the obstacles facing them.
Abdul-Moneim al-Qadi, vice president of the chamber, said that the decision No. 371 of 2018, which was issued to replace the decision of the former Minister of Commerce and Industry Rashid Mohamed Rashid No. 907 of 2005, was supposed to be included in a package of incentive legislation that has not yet been issued. And raise any additional burdens on the existing vehicle manufacturers without providing any incentives to support them and return to the provisions of the provisions.
He added that Resolution 371 did not come into force as implementation to date was as if nothing had happened.