El Nasr Automotive Manufacturing Company is one of the important castles of industry and business sector in Egypt, he added.

Shemi's remarks came in an address to the celebration held to announce the restoration, development and modernization of production lines of El Nasr Automotive Manufacturing Company, in presence of Prime Minister Mostafa Madbouli on Saturday.

The Egyptian car market is preparing for the return of local production by El Nasr Automotive Company through the production of the first new bus with a high local component percentage.

The celebration is attended by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir.

The minister said the step is deemed as a critical juncture in the automotive industry.

The step comes as part of the state's action plans to support national industry and localize the technology of automotive industry, maximize the local component percentage in products, abide by quality criteria and devise marketing plans.

It is also aiming to boost partnership with the private sector in this vital sector.

It is worth noting that El Nasr Automotive Company was established in accordance with Presidential Decree No. 913 on 5/23/1960, according to the company's official website.

El Nasr was founded in 1960 as the first automotive production firm in the Middle East.

The company has previously specialized in assembling Italian Fiat cars. It also produced the famous "Shahin" budget car, a hybrid of the Turkish model of Fiat.