Cars are one of the things that Egypt imports a large percentage of from abroad, and the import bill during the first 8 months of 2024 reached only 3.4 billion dollars, and this is a large number for Egypt, especially since Egypt aims to save the dollar… I wonder how Egypt is addressing this issue… and what? Here is the government’s plan to remanufacture cars in Egypt.
President Abdel Fattah El-Sisi, during the opening of the Upper Egypt train station in Bashtil, spoke frankly about the Egyptian import bill from abroad, and specifically mentioned some of the needs that Egypt imported from abroad. Unfortunately, the numbers turned out to be very shocking, especially since the needs that I am talking about, Mr. President, have many alternatives in the Egyptian market. Local products, but unfortunately the culture of the Egyptian citizen and his confidence in imported products was the reason.
One of the things I am talking about, Mr. President, for which Egypt paid a very large bill was the import of vehicles and their spare parts, the import bill of which reached 3.4 billion dollars in the first 8 months of 2024, and this is a very large number for Egypt, especially since Egypt aims to reduce imports and operate Export, and therefore there had to be a pause to reconsider the prices with which Egypt imported all these things.
So, what did the government do to solve this crisis?
In the last period, the government took double measures to attract capital to the Egyptian market, and of course one of the government’s targets was the automobile sector, in which the state actually took measures that changed the picture 180 degrees. In the last period, Egypt signed a large number of agreements and operating contracts for a large number of companies. Factories to start local manufacturing of car components in Egypt, and the Suez Canal Economic Zone had the lion’s share of the investments and agreements signed by the government, and of course the Chinese dragon had the largest share of signing contracts to manufacture cars in Egypt, and by the end of this year, Egypt will begin to shift from importing to exporting. Especially since a good percentage of the factories that have signed operating contracts will begin pumping their products into the Egyptian market.
The government’s goals for the return of local manufacturing of cars are not limited to China only. No, the country has also signed operating contracts for factories from a large number of countries in the world, the most recent of which was Malaysia, which opened its first factory to produce Malaysian cars in 6th of October City.
Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said that President Abdel Fattah El-Sisi directed the government to transform Egypt into a regional industrial center according to the latest environmental and sustainable standards, and to support and encourage increasing the production capacities of factories with the aim of providing the needs of the local market, especially in the field of manufacturing vehicles and exporting abroad with high quality. At competitive prices.
The Minister of Transport and Industry continued his speech and said that the Ministry of Industry has prepared a national strategy for industry 2030, which includes the future vision to encourage Egyptian industry by exploiting Egypt’s regional location, the diversity of resources and advanced infrastructure, developing financial and monetary policies, providing incentives and guarantees for investment, and increasing the size of the market to attract direct foreign investment from all countries. Countries of the world.