Egypt signs 3 binding agreements to pump $145M investments in automotive sector

CAIRO - 22 February 2023: Egypt signed three binding agreements with three of the largest international groups in the automotive industry, during the first meeting of the Supreme Council of Automobiles, Prime Minister, Mostafa Madbouli announced Wednesday.

 

Madbouli added, during a press conference, that this came based on President Abdel Fattah El-Sisi's directive to deepen the automotive industry in Egypt and reduce the large existing gap, pointing out that cars are the fourth commodity in import volume in terms of value.

 

He explained that the three companies (Nissan, General Motors and the French Stellantis Group) will pump investments that exceed $145 million over the next three years, and they will deliver an average of 60 to 70 thousand cars annually.

 

The premier indicated that part of these cars will be directed to the export process in order to provide hard currency to the Egyptian state, in addition to covering a large part of the local need.

 

He stressed that a percentage of these cars will be electric cars, which is a product that the state is turning to in order to keep pace with the speed of movement of this industry, in order to have cars that are compatible with the environment and reduce the consumption of fossil fuels and gas.