Car Imports Limited to One Per Importer Every Five Years

The Ministry of Investment and Foreign Trade has introduced a regulation restricting personal car imports to one vehicle per importer over the next five years. The new legislation aims to address market challenges such as inflation, currency devaluation and geopolitical tensions, which resulted in a dwindle in car sales and purchases.

Importers must provide proof of financial capability via a bank statement and process payments through Egyptian banks. Exceptions include cars for diplomats, international organisations and Egyptians abroad.

The regulation excludes cars shipped to Egypt or have arrived at Egyptian ports before the decision, as well as those with prior letters of credit.

Egypt's automotive industry plans to produce 400,000 to 500,000 vehicles annually by 2030, emphasising the industrial potential of electric vehicles and car exports.