Egypt aspires to lure $5B investments in car industry

CAIRO – 7 September 2017: As part of its automotive industry strategy, Egypt targets the manufacture of 500,000 cars annually by 2022, of which 100,000 will be exported, Minister of Trade Tarek Kabil said Thursday.

Giving a speech at the China-Arab States Expo, currently held in China, Kabil said that Cairo wants to attract $5 billion in investment in that sector and increase exports to $3 billion on an annual basis.

The automotive industry in Egypt serves other 13 industrial sectors, the minister said, adding that the sector’s current value of investments is $3 billion, represented in 100 companies that employ 86,000 workers.

Car exports reached $69 million in the first seven months of 2017, while it stood at $129 million in 2016.

Meanwhile exports of feeding industries recorded $286 million from January to July 2017 and $525 million last year, Kabil said.

Egypt exports car manufacturing’s feeding products to the Netherlands, Malta, Turkey, Slovakia, France, Germany, the UK and the Gulf Cooperation Council (GCC) countries.

The country is further looking forward to increasing cooperation with car manufacturing leading countries, such as China, to benefit from their advanced technological experience.