Egypt’s Trade and Industry Minister Nevine Gamea said that the Egyptian market has all potentials to become a regional hub for the automotive industry and its feeding industries.
This came during her meeting with a delegation from LEONI Automotive Cables, led by Member of the Board of Directors (COO) in charge of Operations Wiring Systems Division Ingo Spengler.
During the meeting, Gamea said the Egyptian auto industry strategy is currently being prepared, which provides many incentives to car manufacturers, particularly electric vehicles (EVs) and car feeding companies.
The ministry, with all its bodies, spares no effort to back foreign companies operating in the Egyptian market and exerts all possible efforts to overcome any obstacles to their work in the Egyptian market, the minister said.
For his part, the German company’s managing director said that his company has more than 100 production headquarters and around 100,000 employees in 30 countries.
The company is keen on strengthening its position in the Egyptian market, as it is one of the most important markets in the region, maintaining the company’s competitive capabilities and beefing up its exports to target markets.
The company’s total exports amounted to nearly 100 million euros in 2021, Spengler said.
LEONI is a global provider of products and solutions for energy and data management in the automotive sector and other industries.
