Automotive Industry
Both countries also emphasized the role of ASEAN and COMESA trade agreements in benefiting their economies.
The factory, set on a 120,000-square-meter site, will begin production by late 2025, targeting both local market needs and exports to the Middle East and Africa.
The investment minister held an extensive meeting with representatives of global car manufacturers, agents, and distributors to bolster Egypt's automotive industry on Tuesday.
On a yearly basis, August sales were fueled by a 33.9 percent year-over-year rise in car sales and a 22.0 percent increase in bus sales.
This includes assembly and feeder companies, as well as all entities participating in the national program for the development of the automotive industry
The report highlighted that sales of various types of vehicles, including private cars, buses, and trucks reached a total of 10,415 vehicles.
Madbouly emphasized that the agreement signifies Egypt's commitment to developing the automobile industry
The EPAZ project is set to attract investments totaling approximately $240 million and create over 6,000 direct and indirect job opportunities
“This is a journey, and it is an objective,” Vice President of the African Association of Automobile Manufacturers (AAAM).
Under the program, expats can import cars without paying any taxes, with one condition: they must deposit an equivalent amount in a five-year foreign currency certificate of deposit.
May 2023’s sales numbers reached 7.3 thousand, according to the latest data from the Automotive Marketing Information Council (AMIC)
The AMIC attributed the downtrend to the continued impact of the foreign currency shortage
Personal vehicle, or passenger car, sales declined 76 percent YoY to 4.6 thousand, however sales climbed 9 percent on a monthly basis from February. This could indicate a slow recovery for the industry
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 government is interested in car manufacturing, not just car assembly, adding that the car industry is among the sectors targeted for local entrenchment under the SCZone 2020/2025 plan.
This strategy is also meant to settle auto feeding industries and make best use of advanced technologies, the premier said, noting that this should help attract more investments to that important and vital sector.
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