President Sisi supportive of strategy to localise automotive industry: PM Madbouly

MENA , Thursday 23 Sep 2021

The steps taken to support the automotive industry fall within the framework of the government s plan to make Egypt a promising regional centre for export to African and international markets, Madbouly said

Madbouly
Egypt's PM Mostafa Madbouly during his meeting with a delegation of the members of the Africa Association of Automotive Manufacturers (AAAM) in Cairo on Thursday (Photo courtesy of Egyptian Cabinet)

Egyptian Prime Minister Mostafa Madbouly asserted on Thursday that President Abdel-Fattah El-Sisi is especially supportive of the strategy to localise the automotive industry.

This came during Madbouly’s meeting with a delegation of members from the Africa Association of Automotive Manufacturers (AAAM) in the presence of Finance Minister Mohamed Maait, Head of the General Authority for the Suez Canal Economic Zone (SCZone) Yehia Zaki, and Deputy Finance Minister Ahmed Kajouk.

The PM asserted that the government has done a lot to back the industry, referring to the presidential initiative to convert vehicles to run on natural gas.

He assured that the steps taken to support the automotive industry fall within the framework of the government’s plan to make Egypt a promising regional centre for export to African and international markets.

Meanwhile, Zaki reviewed the investment incentives in the SCZone that makes it an important investment destination, asserting that the zone is ready to receive major investments of international companies in the field of manufacturing cars.

The AAAM delegation asserted that Egypt has all the potentials to make it a promising centre for the automotive industry, adding that Egypt is the best choice in the coming period.

The delegation also reviewed the AAAM plan and vision to launch major investments in the field of car manufacturing in the East Port Said Zone.

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