(MENAFN- Daily News Egypt) Prime Minister Mostafa Madbouly convened with Mansour Automotive officials at the New Administrative Capital's government headquarters to discuss the company's expansion plans and the potential for manufacturing new models in Egypt.
The Sunday meeting included Mahmoud Esmat, Minister of Public Enterprises Sector; Ahmed Samir Saleh, Minister of Trade and Industry; Doaa Salima, Executive Director of the Industrial Modernization Center; Ankush Arora, CEO of Mansour Automotive; Khaled Shedid, President of Al-Nasr Automotive; Hossam Abdel Aziz, Member of the Supreme Council of Automobiles; and Raed Moustafa, Director of the Financial Sector of Mansour Automotive.
Prime Minister Madbouly commended Mansour Automotive's significant market presence in Egypt and expressed his desire for the company to play a key role in the national automobile industry strategy.
Mansour Automotive's CEO outlined the company's growth strategy, including plans to produce or assemble new products in Egypt. He highlighted the progress towards launching a new MG model in early 2025, backed by $20m in direct foreign investment and expected to create approximately 5,000 jobs.
Furthermore, Arora mentioned nearing completion on two additional projects-a sedan and a high-roof microbus-slated for production by late 2025 with a $15m investment.
A study on Egypt's light vehicle market was also presented, suggesting the potential to replace traditional vehicles with models widely used in tourist regions, akin to practices in countries like India, France, Germany, and others.
Prime Minister Madbouly lauded the study's alignment with the government's shift towards clean fuel vehicles and pledged support for the project's viability.
He tasked the Supreme Council for Automobiles and relevant ministries to review the study and report back, setting the stage for discussions on government incentives and support for this pivotal project.
MENAFN21042024000153011029ID1108120931
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.