Cairo – Mubasher: Egypt’s trade and industry minister on Monday announced that China’s FAW Group Corporation was considering entering the Egyptian market.
The Chinese automaker is sending technical delegations to study the possibility of entering the market and determining points of investment, Tarek Kabil said in a statement.
He revealed that the Egyptian government was currently working on means to deepen the national auto industry and reduce its reliance on the assembling cars, which has no added value for the Egyptian industry or economy.
The investment law will provide large incentive bundles to the auto industry in all governorates and industrial zones across the country, the minister added in the statement.
The Chinese FAW produces over 3.3 million cars per year, Kabil revealed, noting that FAW’s cars are exported to over 65 countries across the globe.
Entering and operating from within the Egyptian market will be an industrial, commercial and logistical benefit to the Middle East region and the African continent, the minister emphasised.
Minister Tarek Kabil has convened with FAW’s board chairman and the company’s delegation to showcase the Egyptian auto industry and its prospects as well as to discuss the opportunities that the Egyptian government can provide for such a large company.
