Nissan Egypt to pump US$70 million in Investments in 2016

Japan’s automaker major, Nissan Motor is to finalise pumping US$70 million into Egyptian market in 2016, CEO in Egypt and North Africa Mahmoud Halawa said Monday.

Nissan Motor has achieved sales volume estimated at 28.927 vehicles in 2014, Halawa added, noting that the firm targets boosting this volume to reach 30.000 at the end of fiscal year 2015-16.

Nissan Motor’s market share in Egypt is estimated at 10%, obtaining the second rank among the international auto firms existent in the market, Halawa added.

Nissan Motor aims to boost the current market share to be 12% within the upcoming period.

Halawa emphasized that exempting customs tariff on imported autos in 2019 would in fact affect the local industry negatively.

Moreover, the CEO urged the government to announce its policy to develop auto industry as soon as possible as well as the mechanisms to encourage investors to exist in the Egyptian market effectively.