Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel al-Wazir on Monday witnessed the signing of an agreement between the Chinese company BAIC and Egypt’s Alkan Auto, one of the companies of the Egyptian International Motor Group, to establish a factory for the production of electric cars in Egypt.
This deal comes in order to implement plans to transform Egypt into a regional industrial center, Wazir explained, alongside working to localize the automotive industry and its feeding industries in Egypt and maximize the role of the private sector in the field of industry.
The minister welcomed the fruitful and constructive cooperation between the two companies, and stressed his ministry’s desire to support this new project to quickly enter the production phase.
He added that the General Authority for Industrial Development has allocated the necessary industrial land for the project, noting full readiness is in place to complete the industrial licensing procedures to facilitate the start of production.
Wazir stressed that the Ministry of Industry is fully eager to deepen local manufacturing and attract global investments in the field of automotive manufacturing and its feeding industries to meet the needs of the local market and export abroad, especially to the Middle East and Africa.
He also noted his ministry’s readiness to provide all forms of support to global automotive companies to produce and expand in the Egyptian market, which contributes to pumping real investments, localizing the local industry and providing more job opportunities for youth.
The factory is scheduled to start production at the end of 2025, and will be built on an area of 120,000 square meters, with the aim of meeting the needs of the local market and exporting to the Middle East and African markets.
It is scheduled to produce 20,000 cars in the first year, so that the production volume will reach 50,000 cars by the end of the fifth year. The local component of the project is 48 percent, and it is targeted to increase it to 58 percent.
The project will provide about 1,200 new job opportunities.
