Egypt to sign four deals for car manufacturing

Egypt’s Supreme Council for Vehicle Manufacturing is set to sign four partnership agreements with various companies, within a few days to manufacture automobiles in the country, a statement from the office of Prime Minister Mostafa Madbouly said, without specifying the names of the concerned companied.

The statement came following a Cabinet meeting on Tuesday November 7. The North African country launched in 2022 its national strategy for localizing the automotive industry in a bid to position itself as a key player in Africa’s emerging vehicle markets.

The statement did not provide details on the future deals but the agreements will spur domestic manufacturing of vehicles which in return will help stabilize Egypt’s domestic automotive market.

The domestic automotive market since March 2022 has reportedly been grappling with unprecedented stagnation largely due to a decline in imports and a shortage of foreign currency.

The statement also indicated that the government is committed to promoting the production of electric vehicles (EVs) and curbing the use of fossil fuel-powered cars to advance Egypt’s plans to combat climate change.