Leading manufacturer of luxury automobiles Mercedes Benz denied on Tuesday the rumors about withdrawing its investments from the Egyptian market noting that it will continue with expanding the distributor network and opening new sales branches across the country.
Mercedes further mentioned that 2013 will witness a positive progress on the level of developing its sales outlets, after sale services, maintenance centers and spare parts.
Furthermore, the Germen carmaker said it will be inaugurating a new sales outlet in the 6th of October alongside opening up a new branch in Hurghada.
Mercedes Benz concluded by asserting that the Egyptian market enjoys promising elements and capability to allure more investments from major firms, despite the current challenges faced by the country. The German firm emphasizes on its confidence that the Egyptian market will manage to get through these haunting challenges.
It is worth noting that Ibrahim Hidou – a member of the Engineering Export Council of Egypt has informed Al-Akhbar newspaper that the three leading motors firms BMW AG, Mercedes-Benz and Hyundai Motor have demanded withdrawing their investments from Egypt by end of 2014, when the North African country starts to apply a full exemption of customs duties on European cars.