President Abdel Fattah El-Sisi directed concerned officials to accelerate the steps of implementation of the state's plans in various sectors, especially the auto industry.
He also directed them to localize the new energy-powered auto industry in Egypt; in order to establish dependence on renewable energy sources such as natural gas and electricity to be an alternative to fossil fuel.
The state aims to reach the largest possible percentage of manufacturing and local production of cars and mass transit vehicles, to keep pace with the future prospects of that industry, and to take advantage of its various dimensions, socially, environmentally, and economically.
This came during President El-Sisi's meeting today with Prime Minister Dr. Mustafa Madbouly, assistant to the President of the Republic for National and Strategic Projects, the Governor of the Central Bank and the Ministers of Petroleum and Mineral Resources, Finance, the Public Business Sector, Trade, and Industry, Military Production, and the President of the Arab Organization for Industrialization (AOI ).
Bassam Radi, Spokesman for the Presidency of stated that the meeting reviewed the axes of the "national strategy for the localization of the vehicle industry that uses clean, unconventional energy sources."
The meeting also reviewed the various axes of the national projects for converting vehicles to natural gas, as well as relying on the use of electric cars, in order to keep pace with global progress in the automotive industry and preserving the environment.
The meeting reviewed the various international experiences in this context to benefit from them, as well as reviewing the axes on which the strategy is based, especially with regard to setting up the necessary infrastructure, such as stations for new energy supply.
The president directed the officials to provide the legislative environment and relevant investment incentives, as well as adopting mechanisms to stimulate demand for vehicles powered by natural gas.
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