December 21, 2020

Egypt aims to increase percentage of local component to 60% in auto industry

CAIRO – 20 December 2020: Egypt has a clear strategy to localize the auto industry in Egypt, and the current stage is witnessing an increase in the percentage of the local component in the auto industry to 45 percent, Minister of State for Egyptian Military Production Mohamed Ahmed Morsy said Sunday.

Morsy expressed his country's aspiration to increase the percentage of the local component in the auto industry to 60 percent during the next stage.

“Egypt is working in cooperation with the concerned authorities to achieve this goal, and Egyptian experts and scientists abroad who have an advanced vision in the auto industry contribute to this, and we are working to benefit from these experiences,” he added.

The Minister of State for Military Production emphasized the importance of progress in the industries feeding the auto industry as a first step leading towards an integrated automobile industry, and cooperation was made with the Arab Organization for Industrialization and the Ministry of Public Enterprise Sector to establish a factory for the production of car tires with a capacity of 7 million tires per year.

He explained that the Ministry of State for Military Production is preparing for the next stage, which will witness the production of vehicles that run on gas only, and the ministry has begun to produce and convert some gasoline into gas converters.

'This step will take us towards making cars with gas-fired engines only, and this is what we aspire to during the coming period, in cooperation with the concerned authorities,” according to the minister.

'We have thousands of software engineers, and the industrial base in Egypt qualifies it to become a regional African and Arab center for the manufacture of cars,” he added.


Categories : auto

Finance & Economy

OPEC Fund Supports Post-COVID-19 African Infrastructure With $50m Loan to Africa Finance Corporation

2021-01-27 04:00:00

The OPEC Fund for International Development (the OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50 million loan"...
Read More

Moody’s Analytics CECL Solutions C...
January 27, 2021
ServiceNow Helps Solve Challenges to Qui...
January 27, 2021