CAIRO, March 25 (MENA) - SAIC Motor of China considers a factory project in Egypt, a key step that will boost the automobile industry in the country, according to the Trade and Industry Ministry. The project was discussed by Trade and Industry Minister Tareq Qabil at a meeting with a delegation from the Chinese automobile manufacturer, currently visiting Egypt, said a ministry statement. Qabil reviewed investment privileges and incentives offered by a new business law in Egypt that is meant to promote full manufacturing instead of assembly lines. The minister assured the delegation that all required support and assistance will be offered to the Chinese company to enter the Egyptian market. The team's talks in Cairo are complementary to previous discussions Qabil had during a visit to China in September. The factory SAIC plans to establish in Egypt aims to meet local market needs and to export to Arab and African countries that have free trade agreements with Cairo, said the minister. He added that the Egyptian market will witness positive changes this year including an increase in percentages of local components in cars manufactured in Egypt. SAIC's international cooperation department chief Michael Yang said the company's step had been triggered by confidence in the strength of the Egyptian market. SAIC is China's largest automobile manufacturer, with a lion share of 23.3% of the exports, Yang noted. It produced 6.9 million cars in 2017, he further said. He said that SAIC is currently seeking a dealer for its products in Egypt.
