Minister of Investment and Foreign Trade Mohamed Farid has reaffirmed his ministry’s commitment to supporting young entrepreneurs and innovators whose ideas contribute to strengthening Egypt’s economy and industrial base, stressing that entrepreneurs are the driving force behind economic development and that advanced economies are built on innovation.
The minister made the remarks during a meeting with the leadership of EVRAID, an Egyptian start-up specialising in electric vehicle (EV) technologies, as part of the Ministry of Investment and Foreign Trade’s ongoing efforts to support innovative Egyptian companies, promote technology localisation and deepen local manufacturing.
During the meeting, Farid said that localising electric vehicle technology is a key pillar of the government’s strategy to deepen industrialisation, increase local value added and enhance the competitiveness of the Egyptian economy.
He added that the ministry is working closely with relevant stakeholders to improve the investment climate, strengthen local supply chains, encourage advanced industrial and technological investments, and enable innovative Egyptian companies to expand into regional and global markets.
For his part, EVRAID Chief Executive Officer and Managing Director Sherif Diab expressed the company’s appreciation for the ministry’s support, reaffirming EVRAID’s commitment to expanding the localisation of electric vehicle battery technologies and battery management systems in Egypt.
He noted that the company relies on highly qualified Egyptian expertise and continues to invest in research and development in partnership with local and international stakeholders to increase local content and enhance export opportunities.
Discussions focused on the company’s plans to localise the production of electric vehicle propulsion systems, battery packs and battery management systems for low-voltage electric vehicles, while expanding co-operation with manufacturers operating in Egypt.
EVRAID also reviewed its achievements in developing advanced engineering software and exporting electric vehicle technologies to leading international automotive companies, as well as its plans to expand domestic battery production and assembly.
