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PM attends Egypt auto manufacturing pact
The Prime Minister, Dr. Mostafa Madbouly, attended the signing of a Memorandum of Understanding between the Ministry of Industry, the Egyptian Sovereign Fund, the Chinese company Jiangsu Chanhou, and the Egyptian company Vida, to establish a foundation for planning and creating automobile and transportation manufacturing plants in Egypt. The project aims to domesticate automotive manufacturing technology, transfer expertise, and increase the competitiveness of the Egyptian industry, thereby strengthening Egypt's position as a regional hub for car manufacturing and related industries. Efforts will focus on building a specialized engineering platform, providing technical services, and developing automotive value chains, with an emphasis on increasing local content and supporting the export of products. This initiative aligns with the state's strategy to deepen manufacturing, boost investments in the automotive sector, and attract international companies to enhance local industrial capabilities.
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