Egypt Re-Operates El-Nasr Auto Co. As Part Of Localizing Industry

(MENAFN- Kuwait News Agency (KUNA)) CAIRO, Nov 16 (KUNA) -- Egypt's Prime Minister Mostafa Madbouli witnessed on Saturday re-operating El Nasr Automotive Manufacturing Company, affiliated with the country's business sector, after a 15-year suspension as part of a localization (nationalization) scheme.
In an augural speech at the company's headquarters in the presence of some ministers, ambassadors and officials, Madbouli said re-operating the state-owned company was a strategic decision, stressing that Egypt targets the optimal use of the state's assets.
Egypt is seeking to maximize and exploit these assets to maitntain their production, he said.
The government is working on entering partnerships with an efficient private sector to run and operate the state's assets, he noted.
The needs of local market are about 500,000 varied vehicles annually, and this will increase by 20230 with population growth, he said.
Meanwhile, Khaled Shedid, CEO of the company, said the firm targets exploiting all factories to operate them.
The company also seeks to invest in some growth-related industries with diversifying outcomes to include Golf cars, light-duty vehicles, and tok tok cars, he said.
During the ceremony, Madbouli witnessed signing a contract between the company on one hand and Singapore-Taiwan and UAE companies on the other to manufacture the first 24-passenger minibus, with a production capacity of 300 buses in 2060.
Established in 1959, El-Nasr company, which has nine factories, has played a pivotal role in backing national industry. (end)
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