Egyptian Prime Minister Mostafa Madbouli affirmed the government’s interest in localizing the nuts and bolts of the automobile industry in Egypt, especially pertaining to Hybrid Electric Vehicles (HEVs).
During the prime minister’s meeting Friday with Chairman of the Board of Directors of Great Wall Motors Company Limited (GWM) Wei Jianjun – on the sidelines of his participation in the Forum on China-Africa Cooperation (FOCAC) in Beijing – on behalf of Egyptian President Abdel Fattah El Sisi, Madbouli accentuated the government’s keenness on localizing the automobile industry, voicing full trust in the company’s abilities to manufacture hybrid cars in Egypt, saying that the government would provide a package of incentives in this respect.
GWM is a Chinese privately owned automobile manufacturer headquartered in Baoding, Hebei, China. Named after the Great Wall of China, the company largely produces sport-utility vehicles (SUVs) and pick-up trucks. It is one of the top ten Chinese automobile manufacturers with 1.23 million vehicles sold globally in 2023, Official Spokesman for the Egyptian Cabinet Mohamed el-Homsani said.
Walid Gamal el-Din, Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE) and Egyptian Ambassador in Beijing Assem Hanafi took part in the meeting.
The GWM chairman voiced happiness over meeting Madbouli on the sidelines of the forum’s activities, indicating that the company has begun studying the Egyptian market as of March 2023 and expressing great interest in investing in Egypt, with a view to its distinguished geographical location.
Wei underlined his company’s interest in continued communication with the Egyptian government and the SCZONE’s officials.
Thanks to agreements signed by Egypt, representing an important incentive to encourage exports, “we will rely on Egypt, not only to meet the needs of the local market for our car products, but also in exporting manufactured products and spare parts to neighboring countries,” said the GWM chairman.
Meantime, Wie said the Chinese government encourages Chinese companies to invest in the Egyptian market.
He also said GWM intends to launch a car in Egypt that meets growing demand. The Chinese government supports and encourages Chinese companies and institutions to enter the Egyptian market, he added, pointing out that this project would provide about 4,000 job opportunities.
The prime minister said all drives are meant to promote the State’s Vision 2030 pertaining to the sustainable development strategy, as Egypt aims to reduce GHG emissions in the energy sector by 10% by 2030.
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