$2bn worth of Investments in Egypt’s Automotive Sector – Minister

Egypt’s total volume of investments in automotive sector is estimated at US$2 billion, said investment minister Ashraf Salman.

“There are around 556 companies working in car assembly and feeding industries, generating total sales of EGP 40 billion.” the Minister affirmed.

Salman further clarified that the Egyptian Customs Authority captures about 50% of assembly and feeding industries’ sales. The car supplementary and feeding industries account for about 1.5 % of Egypt’s total Gross National Product (GNP), he added.

The Minister further elaborated that automotive companies in Egypt are achieving annual high growth rates ranging between 20-40 %. In addition, he affirmed that government is keen to provide incentives and  facilities necessary to develop Egypt’s automotive industry in the coming period.