Egypt attracts $145mln investments in automotive sector

Three international automotive companies are planning to invest up to $145 million in Egypt over the next three years, Prime Minister Moustafa Madbouly stated on Wednesday.

The targeted average production value falls between 60,000 to 70,000 petrol and electric cars annually, and some of them will be exported, which will help with providing more foreign currency.

Nissan, General Motors, and Stellantis, will pump their investment into the Egyptian Auto market as per the three framework agreements signed with the Egyptian Supreme Council for Automotive Industry, Madbouly highlighted.

Madbouly added that the investments is set to reduce the massive import gap in the country, as automotive are considered the fourth largest imported commodity, value wise.