Minister of Industry and Trade Tarek Kabil announced during his meeting with Zhang Xiaogang, the vice chairperson of the Chinese company FAW, in Beijing that FAW has decided to establish a factory to produce transport vehicles and minibuses in Egypt’s 10th of Ramadan City in cooperation with FAW’s agent in Egypt Giushi Motors Company.
Kabil pointed out that the actual production of the company will begin in the beginning of March.
Moreover, the vice chairperson of FAW said the company’s production will focus on meeting the needs of the Egyptian market from transport vehicles and minibuses, and exporting to neighbouring markets. The company plans to produce both microbuses and passenger cars in 2018.
FAW is one of the leading companies in the industry of passenger cars and heavy transport.
It is the third largest industrial institution in China, and it is ranked number 111 in the list of the world’s top 500 companies. Meanwhile, the company’s volume of sales accounts for 18 million vehicles in China and all over the world, according to the vice chairperson of the company.
Xiaogang described the Egyptian market as one of the most promising markets in the Middle East and Africa. He stressed that the company’s decision to be present within the Egyptian market was a result of the company’s conviction of the strength of the Egyptian market.
In the same context, Egypt’s Minister of Industry explained that his meeting with the company’s delegation that visited Cairo last June to discuss and study the Egyptian market on the ground and determine the investment directions of the company has contributed to the company’s decision to be present in the Egyptian market during the next stage.
On the other hand, Sayak Motor company believes that Egypt is an important and pivotal country in this region. The company said that it wishes to develop its trade and investment cooperation with Egypt in the coming period, vice chairperson of the board of directors of Sayak Motor company said during his meeting with Egypt’s Industry Minister.
He pointed out that the company has established a representative office in Egypt that has a responsibility of studying the Egyptian market and the markets of the Middle East.
The vice chairperson of Sayak Motor company’s board of directors said that the company seeks to find an Egyptian partner to assist in developing its trade and investment cooperation in the Egyptian market.
In the same context, the minister stressed the ministry’s readiness to provide all support for the company to enter the Egyptian market, not only for assembly but also for manufacturing cars. He added
that Egypt aims to develop the car industry sector and to increase the export of Egyptian cars to the world markets.
The new Investment Law provide provide a huge incentives for the automobile industry in all governorates and industrial areas across Egypt, according to the Minister of Industry.
Sayak Motor Company has the largest volume of cars sales in the Chinese market as the volume of sales in 2015 reached about six million cars, according to the vice chairperson of the board of directors of Sayak Motor company.