Egypt’s Minister of Trade and Industry Amr Nassar announced Friday that his ministry is eager to hold direct negotiations with major international car companies to begin joint investment projects within the Egyptian market.
He noted a partnership agreement recently signed between the Chinese company SAIC Motor Corp, China’s largest automaker and the Al-Mansour Automotive Company, taking advantage of unused production capacity to start assembling a new model of MG cars in Egypt.
This came during an extensive meeting with SAIC Motor delegation, owner of the MG brand, headed by SAIC’s chairman Chen Hong.
The SAIC Motor is known to be the largest auto manufacturer in China, accounting for 23.3 percent of car sales in the Chinese market, selling around 6.9 million cars in 2017.
Nassar added that his ministry strives to take advantage of the untapped productive capacities of car factories and feeder industries located in Egypt, in order to maximize their utilization and reactivate them in partnership with international companies.
He added that his ministry will only announce any ongoing negotiations with international companies after reaching concrete results on the ground.
Nassar pointed to the ministry’s keenness to ease the additional burdens on the assembling companies and give them suitable opportunities for investment and production and enable them to compete locally, regionally and globally.
Edited translation from Al-Masry Al-Youm