CAIRO – 23 April 2024: CEO and Chairman of COFICAB Group, Hichem Elloumi, expressed the company's plans to enhance Egypt's export capacity in the automotive industry, by acheiveing the goal of surpassing $200 million in exports by 2027.
This came during the meeting with Prime Minister, Mostafa Madbouly to follow up on the company’s recent developments.
Notably, the company's products already boast a significant local component percentage of approximately 55 percent at the initial production stage.
The prime minister reiterated that the establishment of the company's project in the 10th of Ramadan City aligns with the Egyptian government's strategy to strengthen the domestic automobile industry.
Elloumi emphasized the company's intention to launch the project in Egypt, citing the country's favorable investment climate as a major factor attracting foreign direct investment.
He highlighted the potential for Egypt to become a prominent destination in the automotive cable industry by fostering collaboration between the General Authority for Investment and Free Zones (GAFI) and COFICAB.
Earlier, in January, Prime Minister Madbouly met with representatives from Yazaki Europe Limited, a Japanese company, to review the progress of the car braid manufacturing project in the Fayoum Governorate. The project, which has already commenced construction, involves a foreign direct investment totaling €30 million.
Madbouly emphasized that the Yazaki braid factory contributes to the localization of automobile component manufacturing projects, aligning with the national strategy for developing the automobile industry.
Comments
Leave a Comment