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IDA Chairman, confirmed that a strategy for developing auto industry would be announced next January. About 80000 units will be produced by 2020 and 300000 of them are for exportation. Besides, though the financial crisis, three car factories established this year. These factories include Al-amal Company, which lunches its BYD F3 vehicle in cooperation between Egypt, China and Japan. This reflects the depth of the trade relations with China and Japan and that Egypt still attractive to foreign investment.
At a ceremony held on Sunday, 13/12/2009 on producing the BYD F3 vehicle,
IDA Chairman said that Egypt has 17 car factories and 40000 units produced through 2002-2008 with growth rate more than 250%. This is due to the
The President of Republic's election program , as well as to the Egyptian distinguished geographical location, cost of labor and production as well as the incentives such as training and services in addition to the advantages that the industry achieved by the trade agreements signed between Egypt and the Arab States, Africa, Europe and America,
IDA Chairman stated.
Furthermore, IDA Chairman stated that the car international companies such as General Motors confirmed that the lower cost of its car production in the whole world is in Egypt. Besides, the State's interest in car feeding industries contributed to the process of industrial mutation in this field, especially when there are 340 car-feeding factories in Egypt.
Moreover, IDA Chairman said that since any car factory comes to production followed by more than 20 feeding factories, the auto industry considered a long-term investment. Therefore, this policy will give a long-term vision for the investor and new features to the automotive industry.
For his part, Mr. Henry, general manager of the Chinese company, BYD said that his company is the largest distributor and producer of the Chinese cars as it sold 440000 units this year. Besides, it has the largest mobile phones batteries factory in the world. The Chinese ambassador in Cairo stated that the Egyptian-Chinese company would be a base for export to Africa. The ambassador pointed out that the volume of trade exchange between the two countries amounted in 2008 to 6. $240 billion with an increase of 35.7% over 2007. This is because The Egyptian
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