Egypt's vision for the vehicle industry until the year 2022 includes the production of 500,000 cars per year, with its auto exports hitting 100,000 cars, the Egyptian Trade and Industry Ministry said in a statement on Thursday.
The ministry said that the vision has been highlighted in the remarks of Egypt's Trade and Industry Minister Tarek Kabil while addressing the China-Arab States Cooperation Forum on the sidelines of the third China-Arab States Expo, which is currently held in China's northwestern Yinchuan city.
"The vision is planned to provide up to 250,000 new job opportunities, maintain current auto investments, lure new investments of 5 billion U.S. dollars and increase Egypt's annual vehicle exports to 3 billion dollars," Kabil told the forum in China. He added that Egypt has all necessary capabilities for the establishment of real auto manufacture instead of mere vehicle assembly. Kabil noted that Egypt's 2017 auto exports registered 69 million dollars so far, while they reached 129 million in the whole year of 2016.
The ministry's statement said that Kabil and his delegation also joined a Sino-Egyptian conference on investment and trade promotion between the two countries, where the minister stressed his government's keenness on providing all kinds of support to Chinese investors in the Egyptian market. He also noted that the volume of trade between Egypt and China reached about 11 billion dollars in 2016 and about 5.2 billion in the first half of 2017.
"The two sides signed eight cooperation agreements in the fields of agricultural exports, information technology, auto industry, air conditioned buses and fiber glass," said the ministry's statement.