CAIRO: Egypt is looking forward to manufacturing complete cars domestically, and providing added value to the assembling industry, Minister of Trade and Industry Tarek Kabil said at a Tuesday event.
Kabil statements were part of his speech at a lunch banquet hosted by the American Chamber of Commerce in Cairo, to discuss possible ways to bolster Egyptian industry to meet global challenges.
“Our ultimate goal is to manufacture cars locally, not only assembling; Morocco and South Africa manufacture complete cars,” Kabil said, but he did not reveal any details about means to achieve this or a timeline to see the first Egyptian-made car.
During his speech, the minister affirmed that investors are facing various challenges in Egypt, notably bureaucracy, industrial land allocation, hard currency shortage which affected both manufacturing and exporting.
“I know you are suffering… we are working on tackling these issues,” he told the attendee.
He continued, “The only good news despite this bottleneck stage is that the gas supply crisis will be over as of the end of November. This means that the gas shortages suffered by factories and heavy-energy consumers such as cement, fertilizers and steel plants, will be over.”
Egypt also aims to raise its exports by 9 percent annually until 2020, which would create 3 million jobs, “a thing we badly need,” he concluded.
The U.S ranks first among foreign investment in Egypt with roughly $22 billion, and the chamber aims to double this figure over the coming four years, Al-Ahram quoted head of the chamber Anis Aclimandos earlier in July.
Trade volume between the two countries amounted to $8 billion, including $8 billion American exports to Cairo and $2 billion Egyptian exports to Washington, according to the State Information Service.