Egypt is prepared to roll out "out-of-the-box" incentives to attract global electric vehicle (EV) manufacturers as part of an ambitious plan to localise production, Prime Minister Moustafa Madbouly said Tuesday. Speaking at a meeting in New Alamein City, the prime minister said the government is in talks with major global carmakers, battery producers and component suppliers, aiming to produce all EV parts domestically. Deputy Prime Minister and Industry and Transport Minister Kamel El-Wazir said Egypt already has competitive industries supplying wiring harnesses, car lighting, seats and glass to Europe, and is now seeking to attract EV battery production. Batteries account for about half of an EV's cost, according to the Suez Canal Economic Zone (SCZONE) head Waleid Gamal El-Dein, who confirmed negotiations are underway with leading global suppliers. Finance Minister Ahmed Kouchouk pledged flexibility in designing incentives for investors, while Investment Minister Hassan El-Khatib said the government's strategy includes making Egypt a regional export hub for EV batteries and vehicles. Prime Minister Madbouly instructed ministers to present a comprehensive proposal to lure a top-tier EV producer, underlining Egypt's readiness to provide all possible incentives to secure investment. Attribution: Amwal Al Ghad English
