Egyptian Minister of Investment and Foreign Trade Mohamed Farid Saleh inaugurated the “Focus Africa Automotive Investment Forum” in New Alamein, calling for the African continent’s manufacturing potential to be transformed into bankable investments and integrated regional supply chains.
Held on the sidelines of the Alamein Africa Forum, the event saw participation from high-level officials, including South African Minister of Trade, Industry and Competition Mpho Parks Tau, Egyptian Minister of Industry Khaled Hashem, African Continental Free Trade Area (AfCFTA) Secretary-General Wamkele Mene, African Association of Automotive Manufacturers (AAAM) President Tarek Mosaad, and Algerian Minister of Industry Farid Kourteil.
Addressing the forum, Farid highlighted that Africa currently produces around 1.2 million vehicles annually, with demand expected to surge to between 3.5 and 5 million by 2035. He noted that the AfCFTA automotive rules of origin, which mandate a minimum of 40% African content, will support deeper local manufacturing and increased reliance on continentally produced components.
The minister praised the African Export-Import Bank (Afreximbank) for its commitment to allocating $1 billion to finance Africa’s automotive industry. He stressed the urgent need to transition from policy development to investment execution by developing suppliers, aligning customs policies, and connecting investors with funding sources.
Farid emphasised the importance of standardising testing and accreditation rules across African nations to facilitate the seamless cross-border trade of vehicles and components. He also underscored the need for suitable financing mechanisms to support industrial transformation and the shift toward electric vehicles (EVs), noting that electrification requires an integrated ecosystem covering vehicle and battery manufacturing, charging infrastructure, and skills development.
Highlighting domestic efforts, the minister stated that Egypt possesses significant automotive manufacturing capabilities supported by a large local market and strategic location. The National Automotive Industry Development Program aims to build a competitive base for vehicle and component manufacturing, attract global companies, and boost exports through performance-linked incentives, shifting the focus from simple vehicle assembly to comprehensive technology transfer and supplier development.
The forum also witnessed the official launch of the Egyptian-South African Business Council. Attended by ministers and business leaders from both nations, the council aims to enhance bilateral industrial integration, develop joint manufacturing, and link Egyptian and African companies to regional value chains.
