Minister of Investment and Foreign Trade Mohamed Farid Saleh on Monday, July 6, 2026 reaffirmed the ministry's support for startups and entrepreneurs developing innovative solutions for the national economy and industry. The minister stressed that localizing electric vehicle (EV) technology is a key pillar of the state's vision to enhance the competitiveness of the economy, deepen local manufacturing, and boost exports.
Saleh made the remarks during a meeting with the founder and team of EVRAID, a company specialized in the localization of electric vehicle technology. During the meeting, the two sides reviewed the company's plans to develop electric powertrain systems and battery management systems, increase local content, and explore opportunities for cooperation with companies operating in the Egyptian market.
The meeting tackled expanding the production and assembly of EV batteries and control systems in Egypt. The Ministry of Investment is working to provide an investment-friendly and supportive legislative environment for industrial and technology investments, contributing to building a new generation of investors and exporters, the minister said.
He added that advanced economies are built on innovation, emphasizing that innovative Egyptian companies have the potential to become exporters of technology to global markets, instead of being consumers of it. MENA The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital President Sisi inaugurates 'Octagon' Strategic Command headquarters in New Capital The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital President Sisi inaugurates 'Octagon' Strategic Command headquarters in New Capital