PM witnesses inking of deal with Global Auto Co. to manufacture cars locally

Egypt’s Prime Minister Mostafa Madbouli has witnessed the signing of a binding framework agreement for manufacturing autos in Egypt.

The deal was inked on Thursday between the General Authority for Investment and Free Zones (GAFI), the Finance Ministry’s Environmentally Friendly Automobile Industry Fund and the Trade and Industry Ministry’s automobile manufacturing unit and Global Auto Co., which invests in the field of auto assembling in Egypt.

The signing ceremony was attended by Finance Minister Mohamed Maeet, Industry Minister Ahmed Samir, CEO of Global Auto Co. Mohamed Qandil and a host of respective officials.

The premier said the deal reflects the government’s keenness to develop and upgrade auto manufacturing in Egypt, particularly the industry of eco-friendly vehicles.

For his part, GAFI CEO Hossam Heiba said the authority works on coordinating with respective government bodies to promote investment opportunities in the field of car manufacturing and attracting more foreign investors and industrial developers.

The Global Auto chairman lauded Egypt’s efforts on empowering the private sector, noting that the Egyptian market is promising under the current procedures and incentives adopted by the government.