Automotive
Egypt's imports of passenger cars amounted to $223.4 million in November 2023, exhibiting a growth compared to $107.3 million in the same month of 2022, with an increase of $116.9 million
The forum is scheduled for two days, on November 11 and 12.
Prime Minister Mostafa Madbouli attended Sunday evening the signing of an MoU between the automotive unit at the Ministry of Trade and Industry, and the African Association for Automotive Manufacturers (AAAM).
Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba met Tuesday the representatives of Sumitomo Corporation Group.
The factory spans over 164,000 feddans.
This is the company that owns the brands of Peugeot, Citroen and Chrysler among others.
The conference will be held on May 30-31, and have as theme "By Industry."
Prime Minister Mostafa Madbouli checked Monday evening the model of the electric car.
Although the free trade part entails removing tariffs, that is not all.
Prime Minister Mostafa Madbouli examined Tuesday ways of localizing automotive manufacturing in Egypt with the CEOs of General Motors and Mansour Group.
Zakaria underlined that some of the industrial zones Egypt is establishing near seaports are aimed at localizing certain industries.
Abul Majd indicated that the prices of some types decreased by 3 percent.
The industry minister stressed the ministry's keenness to provide all means of support for existing and new German investments in the Egyptian market.
Under the new resolution, the local component manufacturing ratio in the automotive industry, set at 46 percent, will be abolished mid-year.
Egypt is one step closer to becoming the regional industrial hub.
Trade Minister Tarek Kabil issued a decision that allows the imports of used electric cars, on condition that they are no more than three years old.
A number of 10 companies are taking part in the mission, the Engineering Export Council said.
Nissan Motor Co (7201.T) said Japan sales of new passenger vehicles probably fell by half in October from a year ago.
The current value of investments in the car sector is $3 billion, represented in 100 companies that employ 86,000 workers.
Agreements are in the fields of automotive, agriculture, economic zones and technology.
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