AAAM’s delegation visits Port Said Industrial Zone to review Egypt’s auto industry strategy
Updated 6/4/2023 9:15:00 AM
Arab Finance: The African Association of Automotive Manufacturers (AAAM) visited East Port Said Industrial Zone to review the automotive industry strategy in Egypt and the incentives offered by the government to shore up and localize the automotive sector in the Egyptian and African markets, the Suez Canal Economic Zone (SCZONE) stated on June 3rd.
In this regard, SCZONE’s Chairman Waleid Gamal El Dien said that the automotive industry and its feeding industries are among the industrial sectors sought to be localized in the SCZONE's strategic plan 2020-2025, in terms of its features and unique location, especially with the integration of East Port Said industrial zone with its Port and the easy access to neighboring markets.
East Port Said Industrial Zone is looking forward to attracting the highest number possible of leading global automotive brands to participate in a joint automotive manufacturing complex, Ahmed Fikry Abdel Wahab, Managing Director of East Port Said Development company and Vice president of AAAM, noted.
The zone also aims to establish a specialized zone for automotive manufacturing, dubbed East Port Said Automotive Zone (EPAZ), he added.
“Egypt will be a hub for vehicle manufacturing and a significant player in the auto production and trade system within the African Continental Free Trade Area (AfCFTA). Which will see a growth in demand from 1.1 million new vehicles to 5 million in the next 15 years. This will enable deep industrialization of the value chain in Egypt and across Africa,” Mike Whitfield, President of AAAM Advisor to Nissan Motor Corporation said.
The delegation also paid a visit to the construction site of the Egyptian National Company for Railway Industries (NERIC) factory, which targets to locally assemble rolling stock and subway vehicles.
NERIC is seeking to begin production from the project during the first quarter (Q1) of 2024, Ahmed Al-Mofti, General Manager of NERIC, said.
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