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Egypt has pushed forward to achieve its goals to localise the automotive industry and its feeder industries. A Memorandum of Understanding was signed in the presence of Egyptian Prime Minister Dr. Mostafa Madbouly with regards to the same earlier this month. The signing of the MoU aims to establish the joint car manufacturing complex East Port-Said Automotive Zone (EPAZ) with the capacity at first to manufacture 75,000 vehicles annually.
The signing of the MoU between the Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt (TSFE), East Port Said Development Company, and Egyptian International Motors Company(EIM) came after the launch of the new National Strategy for the Development of the Automotive Industry by the Egyptian Government.
Another MoU was signed between the stakeholders in the East Port-Said Automotive Zone (EPAZ) and the PAC Group which will see the latter conduct the necessary feasibility studies required for the complex EPAZ project. The studies will focus on the financial and technical aspects for the manufacture of auto parts consistent with the agreed production capacity.
The strategy aims to establish Egypt manufacturing hub for carmakers looking to target emerging African car markets. Egypt recently passed a new law that incentivises automotive production in the country.
The new strategy includes the Egyptian Automotive Industry Development Program (AIDP) which provides the required framework to develop existing car manufacturing and assembly capacities while also encouraging new investments in the automotive sector. The program also provides incentives for the local production of electric cars. Egypt plans to launch a locally made electric vehicle in 2023.
Thoughts On The Egypt's Plans For East Port Said
Egypt's plans to build a car manufacturing facility in East Port Said shows the country's increased focus on the localisation of car production as it looks to become a manufacturing hub for carmakers looking to enter the emerging car markets on the African continent. The country's plans will also help cut down on the vehicles it imports onto its roads. With the nation planning to build its own electric car by 2023, the future of the car industry in one of the cradles of civilization looks extremely bright.