President El-Sisi Meets with PM and Several Ministers and Officials

President Abdel Fattah El-Sisi met today with Prime Minister Dr. Mostafa Madbouly, the Assistant to the President for National and Strategic Projects, and the Governor of the Central Bank of Egypt. The meeting was also held in the presence of the ministers of petroleum and mineral resources, finance, public business sector, trade and industry, and Military Production and the Chairman of the Arab Organization for Industrialization.

The Spokesman for the Egyptian Presidency stated that the meeting addressed the axes of the national strategy for localizing the automotive industry that uses clean, unconventional energy sources.

The President has directed that the implementation steps of the state’s plans should be accelerated to localize the new auto industry in Egypt so as to support relying on natural gas and electricity as alternative energy sources to traditional fuels for vehicles. The aim is to reach the largest possible percentage of the manufacturing and local production of cars and mass-transit vehicles in order to keep pace with the future prospects for that industry and to benefit from its various social, environmental and economic dimensions.

During the meeting, the various axes of the national project to convert vehicles to run on natural gas and rely on the use of electric cars are showcased in order to keep pace with global progress in the automotive industry and preserve the environment. Various international experiences are also presented, in this context, to make the most of them. The axes on which the strategy is based are also presented, especially with regard to establishing the necessary infrastructure, particularly stations for the supply of new energy sources, providing both the legislative environment and the relevant investment incentives and adopting mechanisms to stimulate demand for vehicles powered by natural gas.