Written by Ahmed Alawi
Tuesday, February 28, 2023 02:43 PM
Zawya, an economic news website, highlighted that three international car companies plan to invest up to $145 million in Egypt over the next three years, Prime Minister Mostafa Madbouly said at a press conference on February 22nd..
Madbouly indicated that the major companies, namely Nissan, General Motors and Stellantis, will pump their investments into the Egyptian car market in accordance with the three framework agreements signed with the Egyptian Supreme Council for the Automotive Industry..
He said the companies are targeting an average annual production of between 60,000 and 70,000 vehicles in the North African country.
He added that part of the production will be exported to attract hard currency, while a percentage will be manufactured as electric vehicles.
This comes within the framework of President Abdel Fattah El-Sisi’s directives to localize the auto industry in Egypt.
