Madbouly, Kasrawy Group discuss localization of automotive industry
Updated 8/18/2024 3:01:00 PM
Arab Finance: Prime Minister Mostafa Madbouly has discussed possible cooperation opportunities with the automaker Kasrawy Group in the localization of automotive industry and exporting abroad, as per a statement.
This came during a meeting between Madbouly, the group’s Chairman Mohammed El Kasrawy, and other officials.
During the meeting, Mohammed El Kasrawy noted that the company has produced up to 2,500 Golden Dragon microbuses, targeting an annual production of 5,000 units.
He said that the total investments of the Golden Dragon manufacturing and production project amounted to $16 million.
Moreover, the group is working on manufacturing new models to be exported to some African countries over two phases, with investments of up to EGP 1.5 billion in the first phase and $102 million for the second one.
In addition, the automaker is targeting to produce 23,000 vehicles over five years after starting production, El Kasrawy pointed out, requesting a land plot to set up a factory, which is approved by Madbouly.
It is worth noting that the group exported 6,066 locally assembled cars worth $57.8 million, El Kasrawy said, adding that the firm’s current investment in the automotive sector reached EGP 3.25 billion.
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