Saturday June 15th, 2024
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USD 145M in Foreign Investments Pour Into Egypt's Automotive Sector

Nissan, General Motors, and Stellantis have signed the framework agreements with the government for the massive investment.

Cairo Scene

USD 145M in Foreign Investments Pour Into Egypt's Automotive Sector

Three global automotive companies will invest up to USD 145 million in Egypt’s auto industry over the next three years. Nissan, General Motors, and Stellantis have signed framework agreements with the Egyptian Supreme Council for Automotive Industry to inject their investment into the Egyptian auto market. This move is expected to create more job opportunities and boost Egypt’s export potential.

According to Prime Minister Moustafa Madbouly, the targeted average production value is 60,000 to 70,000 petrol-powered cars and electric vehicles annually. A portion of these cars will be exported, which will help bring more foreign currency into the country.

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