Localizing the Electric Car Industry fits Egypt's Vision to Lower Import Expenditures: Official Statement
President of the General Syndicate for Engineering, Metallurgical and Electrical Industries, Engineer Khaled Al-Feki, revealed that there are serious steps Egypt is taking to localize the traditional and electric car industry.
This comes within the framework of the directives of President Abdel Fattah Al-Sisi, to localize the industry locally, and thus significantly reduce the import bill.
Al-Feki, who is also a member of the Board of Directors of the Holding Company for Metallurgical Industries, added that Al-Nasr Automotive Company has a good plan to manufacture cars with a local component of no less than 45%, and this will increase gradually over the coming years until it is possible to build with the participation of an international company in Egypt to manufacture cars entirely inside Egypt, which represents an important shift. For the national industry, explaining that this matter will contribute to achieving suitable car exports to the African, European and other markets based on Egyptian trade agreements.
Al-Feki pointed out that Dr. Engineer Khaled Mohamed Shedid, Chairman of the Board of Directors of Al-Nasr Automotive Company, one of the Holding Companies for Metallurgical Industries, presented a clear vision towards manufacturing a traditional and electric Egyptian car in partnership with international companies during the company’s recent general assembly, which is a vision that is consistent with the vision of the Egyptian state and the directives of President Sisi to localize the industry.