The agreement obligated Global Auto to comply with the rules and conditions of the AIDP program
The General Authority for Investment and Free Zones (GAFI), The Environmentally Friendly Automotive Industry Fund, and Automotive Industry Unit signed an agreement with Global Auto Group to o manufacture cars locally.
The signing ceremony was in the presence of Prime Minister, Mostafa Madbouly.
Madbouly stressed that the signing of this agreement comes regarding Egypt's strategy to develop the automobile industry in Egypt, especially environmentally friendly cars, which are automatic vehicles that do not produce emissions or negative effects on the environment.
He stressed that this cooperation came within the scope of the Egyptian program, Automotive Industry Development Program (AIDP), which aims to establish Egypt as a main gateway for emerging vehicle markets in Africa and to encourage localizing the automotive industry.
The agreement obligated Global Auto to comply with the rules and conditions of the AIDP program.
The Egyptian market holds great promise, particularly with the recent implementation of measures and incentive packages by the Supreme Council for Investment, according to a statement by the Chairman of the Board of Directors of Global Auto.
He added that these actions have been commended for their role in empowering the private sector and advancing the economic development efforts of the Egyptian state.
Within the framework of Egypt strategy to boost automobile industry, earlier in November, The Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt (TSFE), and East Port Said Development Company (EPSD) signed an agreement with Germany’s Volkswagen to carry out feasibility studies for the establishment of East Port Said Automotive Zone (EPAZ).
Furthermore, EPAZ will attract investments worth almost $240 million and will provide more than 6,000 direct and indirect job opportunities.
