China’s state-owned automotive manufacturing company FAW Group Corporation, a , is studying injecting new investments in Egypt in areas of automotive manufacturing and related industries.
The company intends to send a specialized technical mission to study the Egyptian market and decide its investment plan for the country in the coming period, said Egyptian Minister of Trade Tarek Qabil.
The minister made these remarks in his meeting with CEO of FAW Group Xu Xianping and his delegation as they discussed Egypt’s future concerning automotive industry.
Qabil added that the Egyptian government is currently moving towards boosting national automotive manufacturing industry and lessen its dependence on assembly Industries which do not have any added value to the country’s economy.
He noted that the new investment law, approved by the parliament earlier in May, encourages automotive manufacturing in governorates and industrial zones all over Egypt.
He pointed out that FAW Group produces 3.3 million cars a year. It exports to more than 65 countries all over the world seeking to enter the Egyptian market as it represents an important logistic, commercial, and industrial hub in the Middle East and Africa.
There is a huge opportunity for locally manufactured cars of reaching 1.5 million consumers worldwide owed to Egypt’s free trade agreements signed with a large number of countries and economic blocs in the world, he noted.
Xianping said that his company ranks third among the largest industrial corporations in China and the 111th out of 500 companies in the world adding that it owns the largest truck-factory in China.
