Minister of Investment meets with Mercedes-Benz Egypt to discuss expansion plans
Updated 10/24/2024 7:56:00 AM
Arab Finance: Egypt's Minister of Investment and Foreign Trade Hassan El Khatib held a comprehensive meeting with a delegation from Mercedes-Benz Egypt, led by CEO Stephanie Voltz, to discuss the company's ongoing projects and future expansion plans within the Egyptian market, as per a statement.
The discussion centered on Egypt's potential in the automotive sector, including key advantages such as its strategic geographic location, numerous free and preferential trade agreements, and a skilled labor force, including qualified engineers and competitively priced workers.
El Khatib emphasized the government's commitment to developing a robust domestic car industry to meet local demand and expand exports.
He also highlighted the presence of international car component manufacturers and the country's advanced road network, which facilitates logistics and transportation.
The government's focus is on providing further investment and trade facilities, alongside transparent economic policies aimed at enhancing foreign and local investor confidence in Egypt’s economy.
Voltz expressed Mercedes-Benz's strong interest in expanding its operations in Egypt, describing the country as a strategic market with significant growth potential, particularly as a gateway to African markets.
She acknowledged the Egyptian government’s efforts to support and localize the automotive industry, noting that Mercedes-Benz Egypt plans to increase production by 30% in the upcoming year.
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