President Abdel-Fattah El-Sisi spoke of Egypt's efforts to advance the country's activities in the automotive industry during a meeting with Vice Chairman of Daimler AG Eckart von Clyde in Berlin on Monday.
Dailmer AG is a German multinational corporation that owns a number of automotive brands, including Mercedes-Benz.
El-Sisi said Egypt had a promising future in the automotive field, and that there were many factors that could attract foreign investments, such as the availability of a legislative framework that stimulated investments, new and advanced infrastructure, as well as trained and low-cost technical labour.
He expressed Egypt’s openness towards cooperation with Mercedes-Benz, given the company’s wide experience in the field.
El-Sisi asserted that the company had a great opportunity to develop its projects in, and cooperate with, Egypt, since it was one of the biggest markets in Africa and the Middle East.
He added that Egypt would make it possible for the company to access important overseas markets through trade agreements Egypt had signed with many countries and regional economic blocs.
Egyptian Presidency Spokesperson Bassam Rady said in a statement that the Mercedes-Benz company presented in the meeting its plans for future cooperation with Egypt in the field of modern systems and mass transport modernisation, including electric and gas-powered vehicles.
Von Clyde stated during the meeting that Mercedes-Benz was interested in boosting its cooperation with Egypt, especially given the company’s extended history in the Egyptian market.
He praised the measures taken by the Egyptian government to encourage foreign investments and promote the localisation of modern technological industries.
He added that the company was considering the expansion of its activities in the Egyptian market in the future since it was one of the biggest markets in Africa and the Middle East.
The Egyptian president is currently in Berlin, Germany, to attend the G20 Compact with Africa meetings.