Prime Minister: The government has made a great effort to attract investments in the automobile industry sector
The government worked to provide the infrastructure for the industry, which encouraged international and national companies to expand, build and establish new factories to invest in Egypt
Without the presence of infrastructure and without an attractive climate for investments, these international or local companies will not have the vision to expand and launch in this important industry
Dr. Mostafa Madbouly, Prime Minister, delivered a speech today; During the opening of the “Al-Mansour Factory for Manufacturing Vehicle Filters and Industrial Filters”, in 10th of Ramadan City, in the presence of Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, Engineer Hazem Al-Ashmouni, Governor of Sharqia, Yasser Sobhi, Deputy Minister of Finance for Financial Policies, Sir Mohamed Mansour, Chairman of the Board of Directors of Mansour Automotive Group, Ankush Arora, CEO of the group, and a number of company leaders. And men of industry.
At the beginning of his speech, Dr. Mostafa Madbouly expressed his happiness at the opening of the “Al-Mansour Factory for Manufacturing Vehicle and Industrial Filters,” explaining that the opening of the factory reflects the keenness of the Egyptian government, based on the directives of President, Abdel Fattah El-Sisi, President of the Republic, to advance the Egyptian industry, especially in a very important sector, which is the automobile, vehicle and transportation sector.
The Prime Minister indicated that the Egyptian government worked on this file through a great effort by encouraging giant national and international companies to invest in this important sector, with the aim of covering the needs of the local market, attracting investments and foreign currency, and supporting the Egyptian economy.
Dr. Mostafa Madbouly said: In the recent period, we are reaping the fruits of this hard work that the government and the Egyptian state began in The framework of this clear policy in advancing the industry during the last period, pointing out that the government worked to provide the infrastructure for the industry with all its components, stressing in this regard that there is no industry without infrastructure, which encouraged international and national companies to expand, build and establish new factories to invest in Egypt, thanks to the measures taken to stimulate investment and accelerate procedures, and there is still a lot of effort that we are making now to make real breakthroughs during the coming period in this context.
He also pointed out that the automobile industry has today become one of the state’s priorities. Egyptian, adding: Periodically, a new factory is established not only for cars, but also for mass transportation such as buses, train cars, and subways. After they were imported from abroad, they are now manufactured inside Egypt, pointing out that the automobile, vehicle, and transportation industry is based on value chains, meaning that it is not just a car manufacturing factory, but this factory must rely on a group of feeder factories and production lines that manufacture spare parts that go into car production.
The Prime Minister said: During the period In the past, the government began to expand and deepen the local production of components for cars and means of transportation, noting in this context the opening of a number of important factories such as electrical braiding factories and other factories, and today a factory for producing filters is being opened, explaining that during the past period these filters were imported and today through local manufacturing of filters the needs of the local market will be covered and exported abroad, stressing that this is the result of efforts to deepen the local component of the automobile industry, and all of this encourages attracting international car companies to invest in Egypt because they are reassured by the existence of the industries. And he added: I followed with great pleasure the team, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, laying the foundation stone a few days ago for the new car factory in October City at an investment cost of $150 million, in the presence of Sir Mohamed Mansour, Chairman of the Board of Directors of Mansour Automotive Group, noting that the production capacity of the first phase of the factory amounts to 50,000 cars annually and rises to 100,000 cars, which represents a real qualitative shift in the car industry in Egypt, and this is happening. Along with the presence of other factories investing within Egyptian territory to produce cars and vehicles of various types, which makes Egypt a regional center for this industry instead of relying on imports.
Dr. Mostafa Madbouly reiterated his assertion that without the presence of infrastructure and without an attractive climate for investments, these international or local companies will not have a vision to expand and launch in this important industry, noting that those in charge of the factory promised that the factory will be ready for operation within a year, saying: We will follow this dream step by step. The great deal on the ground, because it will support a very important industry, which is the automobile industry, which did not exist in Egypt to a large extent, to take off strongly, and for Egypt to turn into a regional and international center for this industry, expressing his wishes of good luck and success to those in charge of this project.
