PM: Egypt eyes greater coop. with China to localize EV manufacturing
Madbouly made the remarks during a meeting with Dai Lihong, president of Jetour Global, a Chinese sport-utility vehicle maker, in the presence of Minister of Industry and Transport Kamel el Wazir, Chairman of Egypt's Kasrawy Group, the exclusive local agent for Jetour, Mohamed el Kasrawy, and a great host of senior government officials and representatives of the Egyptian and Chinese companies.
The auto industry is a top priority under the state's vision for industrial growth, the prime minister said, citing the enactment of a special law to stimulate the localization of vehicle manufacturing, especially electric cars.
He noted that under an agreement signed today between Kasrawy Group and the Chinese company, the new car models of Jetour T1 and T2 will be assembled locally for the first time.
The government is now focusing on increasing local component ratio in assembling the new Jetour models, and any other future models, the premier said.
President Abdel Fattah al-Sisi pays great importance to the localization of electric vehicle manufacturing, the prime minister added, citing presidential directives that any investor wishing to establish an electric vehicle plant in Egypt will be given a government guarantee to buy a certain share of the production for five years.
Meanwhile, Jetour Global chief said the $123 million agreement signed today for establishing an assembly facility in Egypt will be implemented over three phases, noting that the first phase targets 45 per cent of local component, which will be increased to 55 per cent and 60 per cent during the second and third phases, respectively.
Earlier today, Egypt's Kasrawy Group signed a $123 million agreement with Chinese automaker Jetour to locally assemble Jetour T1 and T2 cars. the deal was signed at the Cabinet headquarters in the New Administrative Capital. (MENA)
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