Egypt Daily News – The Egyptian government decided to restrict the import of personal cars into the country to only one car per importer during a period of 5 years starting tomorrow, Friday, according to the decision of the Ministry of Investment and Foreign Trade that was published in the Official Gazette on Thursday.
The government’s decision comes at a time when the Egyptian car market is suffering from a crisis that is the worst ever, according to Egyptian traders, as it suffers from a severe shortage in supply due to the cessation of imports, in addition to rising prices, and the worsening “overprice” on models available in the market.
In mid-May, car companies discovered that the registration clause for passenger cars on the Advance Consignment Registration (ACI) system was broken, and then in mid-August the temporary release was allowed for only some dealers.
One Car Only
The text of the decision stated: “Not allowing the import of more than one car for each importer during a period of 5 years, and the importer must submit a bank statement proving his financial ability to purchase the car and pay its value.” The decision included the necessity of paying the value of the car through bank payment methods approved by through banks operating in Egypt, with the exception of cars of diplomats and Egyptians working abroad, the value of which is paid abroad.
According to the Ministry of Investment, “The decision does not apply to cars that were shipped or arrived at Egyptian ports before the effective date of this decision, or those whose documentary credits were opened before its date, and cars received by foreign embassies and international organizations.”
At the beginning of last October, the government approved amendments to the executive regulations of the Persons with Disabilities Law regarding cars for handicapped people, which included that the liter capacity of the car should not exceed 1,200 cc for gasoline, diesel, or hybrid cars, and a maximum of 200 kilowatts for electric cars, and that it should not have a turbo propulsion system. The car model must not exceed 3 years from the date of manufacture upon import, and the bank account must have a financial amount deposited in it that is not less than the full price of the car when benefiting from the customs exemption on the car.
Also in a meeting in October, Egyptian Minister of Investment and Foreign Trade Hassan Al-Khatib called on his country’s Automotive and Agents Division to limit their import requests for the year 2025, so that they do not exceed 5% of the total cars imported in 2023, which then amounted to about 90 thousand cars, that is, no more than 5% of the total cars imported in 2023. It exceeds 8,000 cars per month, as revealed to Al-Sharq by two knowledgeable people who attended the meeting, on condition of anonymity.
