The Council of Ministers approves the establishment of the Supreme Council for the Automotive Industry

Bookmark and Share

Thursday - 2 June 2022 - 2:9 PM

newphoto

 

The Supreme Council for the Automotive Industry and the Fund to Finance the Transition to Sustainable Transportation were approved by the Council of Ministers, led by Dr. Mostafa Madbouly. The Prime Minister, or his representative, will lead the Supreme Council, which will be in charge of setting public policies, plans, and strategies for the growth of Egypt's automobile sector, as well as monitoring their execution. In addition to establishing a general framework for legislative and administrative reform in the automobile industry, it is also concerned with doing whatever it deems necessary to improve the automobile industry's environment, as well as studying and developing appropriate solutions to the obstacles it faces.

 

 

The formation of the Supreme Council for the Automotive Industry and its working system shall be issued by a decision of the Prime Minister based on the proposal of the Minister concerned with Industry Affairs, provided that the formation of the Council shall include at least two experts in the field of automobile industry..

 

 

According to the draft law, the Supreme Council for the Automotive Industry shall have a technical secretariat, to be formed and whose terms of reference shall be determined by a decision of the minister concerned with industrial affairs.

 

 

The draft law also stipulates that “a fund called (Fund for the Transformation of Sustainable Transportation) shall be established, which shall have a legal personality, and its headquarters shall be in Greater Cairo, and the fund may establish branches or offices for it within the Arab Republic of Egypt..

 

 

The Fund aims to develop the resources necessary to finance the transition to sustainable means of transportation. In order to achieve its objectives, the Fund may undertake all the tasks and competencies necessary for this, and receive periodic reports regarding the scope of its work from the Ministry concerned with industrial affairs. It also has the authority to finance the development and development of the sustainable transportation industry. Especially in the areas of establishing technology centers and researches necessary to develop this industry, in addition to working to encourage and develop innovation to raise the competitiveness of the sustainable transport industry, as well as setting programs and incentive systems for the development of an environmentally friendly sustainable transport industry, and reducing the negative effects of harmful emissions.