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Prime Minister of Egypt, Mostafa Madbouli has signed agreements with Nissan, General Motors. and the French Stellantis Group, three global leaders in automobile manufacturing.
Prime Minister of Egypt, Mostafa Madbouli has signed agreements with Nissan, General Motors, and the French Stellantis Group, three global leaders in automobile manufacturing. Addressing the media, the Prime Minister stated that the move is in line with President Abdel Fattah El-Sisi’s strategy to strengthen the automotive industry in Egypt to reduce imports of cars into the country. In terms of value, imported cars occupied fourth place in Egypt’s imports, he said.
According to the agreement the three auto majors are expected to invest $145 million in Egypt over the next three years to produce an average of 60 to 70 thousand cars annually for both domestic and overseas markets. Egypt hopes to boost its foreign exchange earnings through exports of cars.
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The Prime Minister added that electrical cars will occupy a significant share of the cars produced, compatible with the environment and cutting down the consumption of fossil fuels and gas.
