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Egypt, Germany discuss joint production of automotive components

Egypt, Germany discuss joint production of automotive components

Cairo:  Minister of Industry Amr Nassar and German Ambassador in Cairo Cyril van Nunn discussed the possibility of establishing joint projects in the automotive components production field to meet the needs of the domestic market and export to European Union markets.

Nassar said Wednesday that the Egyptian market has many competitive advantages, especially with regard to the availability of qualified labor to work in the automotive sector and the low cost of shipping from Egyptian ports to all European countries.

Nassar stressed the ministry's keenness to provide all means of support existing and new for German investments in the Egyptian market.

He pointed out that Egypt has a huge industrial base to lead the industrial sector in the Middle East and Africa, pointing out that there is a great opportunity for the German automotive industry to enter and compete in the Egyptian market, especially in the field of gas-powered cars.

In June, President Abdel Fatah al-Sisi issued directives for the government to prioritize the file of boosting the automobile industry in Egypt.

Moreover, Prime Minister MostafaMadbouli met with Head of the German Association of the Automotive Industry (VDA) Bernhard Mattes in June, saying the government's previous efforts to address this file did not bear any fruit.

He added that the government is currently working on outlining a clear and effective strategy, including a package of incentives for pushing ahead the industry of conventional and electric vehicles. Source: Egypt Today

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