Minister of Investment Discusses Localizing EV Technologies with EVRAID in Egypt

Egypt's Minister of Investment and Foreign Trade, Mohamed Farid Saleh, met with the founder and team of EVRAID, a company specializing in localizing electric vehicle technologies, as part of the government's efforts to deepen local industry and boost Egyptian exports. This initiative aligns with the ministry's vision to support innovative startups that enhance the competitiveness of the Egyptian economy and help build new generations of investors, manufacturers, and exporters.

Meeting Details and Team Composition

The EVRAID delegation included Sherif Diab, CEO and Managing Director; Ahmed El-Shazly, Executive Director of Technologies; and Gamal Tamraz, Business Development Manager. Representing the ministry were Noha Khail, Acting CEO of the Sovereign Fund; Mohamed Ayad, Assistant Minister for Media and Information; and Qassem Hassan, Director of the Industrial Fund at the Sovereign Fund. During the meeting, EVRAID presented its plans for localizing electric propulsion systems, battery management systems, and low-voltage electric vehicle battery packs.

Collaboration Opportunities and Local Content Enhancement

Both sides discussed opportunities for collaboration with electric vehicle manufacturers operating in the Egyptian market, as well as mechanisms to enhance local content in this promising industry. The partnership aims to support the localization of EV technologies by increasing the proportion of domestic manufacturing, thereby reducing reliance on imports and strengthening the competitiveness of the Egyptian industrial sector.

The meeting also reviewed the company's successes in developing specialized software and engineering solutions for the electric vehicle sector, including exporting software services and advanced technologies to several global automotive companies. EVRAID's expansion plans include the production and assembly of batteries and related control systems within Egypt, supporting the transition toward a more technology- and knowledge-based economy.

Government Support for Innovation and Entrepreneurship

Minister Mohamed Farid Saleh emphasized during the meeting that the ministry's doors are open to support young entrepreneurs and their innovative ideas for the Egyptian economy and industry, describing Egypt's entrepreneurs as "heroes who deserve all support, as advanced economies are built on innovation." He clarified that localizing electric vehicle technologies is a key part of the government's vision to enhance economic competitiveness through technology localization and industrial deepening.

Saleh noted that the ministry aims to support innovative investments that provide solutions to economic challenges and boost Egyptian exports. These efforts are part of a comprehensive strategy to strengthen Egypt's position as a regional hub for the development and manufacturing of electric vehicle technologies in the Middle East and Africa, leveraging both local and international expertise to achieve sustainable development goals.