Egypt, China’s GAC explore investment opportunities during FOCAC
Updated 9/8/2024 4:57:00 AM
Arab Finance: Prime Minister Mostafa Madbouly met with the General Manager of Guangzhou Automobile Group Co (GAC) Feng Xingya to probe the company’s future investment plans in Egypt as well as its current investments and operations, as per a statement.
On the sidelines of the Forum on China–Africa Cooperation (FOCAC), Madbouly highlighted the government’s support for the automotive industry, particularly electric vehicles (EVs), referring to the law reinforcing localizing this industry.
MAdbouly assured Xingya of the government’s willingness to provide additional incentives to GAC, including the issuance of a golden license to facilitate the establishment of the company’s in Egypt.
He also highlighted the incentives offered by the Suez Canal Economic Zone (SCZone) to ease the setting up process, along with the export opportunities in light of Egypt’s extensive international trade agreements.
Xingya mentioned that GAC has sold 500,000 EVs in China in 2024, with its sales hitting 2,000 cars worldwide.
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