Investment Minister: Egypt possesses numerous qualifications to become a regional hub for the automotive industry

Cairo - Nadeh Imam Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, visited the General Motors Egypt factory in the Sixth of October City, where he inspected production lines and reviewed the company’s plans to expand in the Egyptian market. He also participated in the ceremony announcing the opening of the Egyptian market to vehicles compliant with the Federal Motor Vehicle Safety Standards (FMVSS).

Saleh emphasized that the relationship between Egypt and General Motors is one of the oldest economic partnerships between Egypt and the United States, spanning more than four decades, reflecting mutual confidence in the Egyptian economy. He noted that the state is committed to creating an attractive investment environment that enables global companies to expand their operations in Egypt and increase their investments.

He added that this event highlights the competitive capacity of the Egyptian economy to attract and encourage major industrial investments, amid the state’s ongoing reforms aimed at improving the investment climate. These efforts enhance global companies’ confidence in the Egyptian market and support their plans for expansion, production, and exports. He affirmed that the state continues to foster a more competitive investment climate that supports the attraction of high-quality investments, technology transfer, and the enhancement of value added to the national economy.

The minister stated that the state is working through an integrated system to deepen local manufacturing and increase the local content ratio in the automotive sector. This is being achieved through coordination among various relevant authorities, led by the Ministry of Industry, ensuring the integration of investment, industrial, and financial policies to achieve the state’s objectives of increasing production and strengthening the competitiveness of the Egyptian industry.

He further noted that Egypt possesses many factors that qualify it to become a regional hub for automotive manufacturing, given its strategic location, advanced infrastructure, and network of free trade agreements that provide access to wide regional and international markets. This opens significant opportunities for companies operating in the sector to expand production and exports.

The minister pointed out that the Egyptian market hosts more than 2,000 American companies operating across various sectors, according to data from the General Authority for Investment and Free Zones. This reflects the diversity of the Egyptian economy and its attractiveness to foreign investment. He highlighted that economic relations between Egypt and the United States are based on mutual interests, noting that Egyptian companies also have investments and activities in the US market, which further enhances opportunities to expand economic cooperation between the two countries.