Egypt's electricity minister, Copelouzos Group discuss progress on Egypt–Greece power interconnection    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Prime Developments, Osoul for Tourism Development launch EGP 1.25bn CLAN project in Hurghada    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Total financing by FRA-regulated entities hits EGP 640.1bn in June 2025    Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Fiat and Volkswagen explore investment opportunities in Egypt's auto industry
Published in Amwal Al Ghad on 29 - 03 - 2018

The Italian Fiat and German Volkswagen automakers are considering investing in the auto industry field in Egypt, according to Khaled Abdel Azim, executive director of the Federation of Egyptian Industries (FEI).
Abdel Azim added to a local newspaper that the two companies conducted meetings with the federation's board last month to assess the local economy and its appropriateness to pump investments inside Egypt.
For Fiat, Abdel Azim said that the company is differentiating between Egypt, Morocco and South Africa in order to build a factory in one of them.
The two companies inquired about the ruling frameworks for investment in Egypt and the availability of feed industries, in addition to the announcement of the strategy of the automotive industry, Abdel Azim said.
Minister of Industry and Foreign Trade Tarek Kabil said earlier that an auto industry strategy will come to light early this year, clarifying that a consulting firm in Germany will formulate the strategic articles, in light of remarks made by Parliament and the Ministry of Industry.
Similarly, a delegation from French multinational group Renault conducted field trips to a number of local car assembly lines with the Egyptian International Motors Company (EIM) – their agents in Egypt – as a part of their studies to assemble some of their models in Egypt.
This news followed Kia Motors' announcement of signing contracts with its local agents to assemble Kia cars in Egypt with an investment of LE 4.24 million ($240,238) during the upcoming five years.
Kayan Egypt also announced that the company could begin assembling SEAT cars locally by 2020, with expectations that assembling the car locally would lower its price from 25 to 30 percent.
Toyota started an assembly line in Egypt in 2012 by collecting vehicle parts for the Toyota Fortuner; while in 2017, Toyota launched a similar line of Fortuner at the Arab American Vehicles Co. with investments of $8.5 million.
According to Kabil's earlier statement, current investment in the auto industry is about $3 billion, of which $1.6 billion is in the automotive industry and $1.4 billion is in the feeder industries, with about 86,000 workers that work in the auto and feeder industries.
The car industry in Egypt has about 170 companies, including 19 companies that manufacture and assemble cars of all kinds, including passenger cars, buses, micro and minibuses, and transport vehicles, while more than 150 companies engaged in the manufacture of a number of components of cars.
Local market volume reached 100,000 cars in 2017, 50 percent of which are locally produced, and the exports of the automotive sector and the feeder industries amounted to $700 million in 2017.
Meanwhile, Egypt postponed applying the decline of customs on cars assembled in the European Union to zero until 2020. Source: Egypt Today


Clic here to read the story from its source.