A French auto maker plans to establish car assembly factory in the Egyptian market within the upcoming period, Egyptian Trade Minister Tarek Qabil said. The factory is set to operate using high rates of locally-manufactured components.
The minister made these remarks during his meeting with the Vice-president of one of largest French auto makers to discuss company's industrial investments in Egypt and make use of automotive feeding industries base in local market.
Qabil added that the French company plans to contract with Egyptian firms to manufacture automotive components necessary to cover needs of the mother company in France and its branches all over the world.
The minister clarified that automotive industry is a strategic important one to which the government plans to develop in order to attract international firms to invest in Egypt whether in automotive industry or in its feeding ones.
Egypt owns all potentials that qualify it to establish such vital industry since there are more than 15 firms working in car assembly field in Egypt, the minister noted.
On other side, the French official stated that his company plans to invest in Egypt as it sent two missions to Egypt in February and April to study available investments in automotives and its feeding industries fields.