Dr. Mostafa Madbouly, Prime Minister, witnessed the signing of a memorandum of understanding between the General Authority for Investment and Free Zones, and the global company - Stellantis, specialized in the manufacture of cars. To

expand the scope of the existing cooperation between the government and the company during the coming period.

The signing ceremony was attended by Eng. Ahmed Samir, Minister of Trade and Industry, and Major General Engineer Mokhtar Abdel Latif, Chairman of the Arab Organization for Industrialization. The memorandum of understanding was signed by Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones, and Samir Sherfan, CEO of Operations Sector for the Middle East and Africa at Stellants.

Counselor Mohamed Abdel Wahab said, on the sidelines of the signing, that the memorandum of understanding aims to expand the scope of cooperation between the Egyptian government (represented by the Arab Organization for Industrialization) and the company in the field of car manufacturing, in light of the support provided by the “Auto Industry Strategy” recently launched by the government to encourage operating companies. In this sector to inject more investments into the Egyptian market.

While Samir Sharfan indicated that the memorandum of understanding signed today between Stellants and the General Authority for Investment and Free Zones comes to study pumping additional investments and increasing production capacity in the factories of the Arab American Automobile Company, one of the Arab Organization for Industrialization companies in partnership with the global company, which represents a model Successful integration of national and foreign industrial investment for more than 45 years.

“Shurfan”: Comparative advantages for the investment climate in Egypt

Cherfan commended the unprecedented care that the current Egyptian government enjoys in the automotive sector, praising the concerted efforts of all ministries, agencies and relevant business organizations, which resulted in the preparation of the national strategy for the auto industry in its current form, which was launched by the Prime Minister during his visit to the industrial zone. East Port Said last June.

He stressed that companies can benefit from the comparative advantages enjoyed by the investment climate in Egypt from the availability of industrial infrastructure, qualified young labor and logistical advantages, as well as the possibility of benefiting from many free trade agreements that qualify Egypt to enter promising export markets in the region and Africa.

The CEO of Operations Sector for the Middle East and Africa at Stellants Company added, “The Egyptian market is expected to grow from 1.1 million cars currently to exceed 5 million cars by 2035,” pointing out that the national strategy for the development of the automotive industry will qualify Egypt to be in the ranks of Countries that export cars to the region and African markets rely more on electric cars and environmentally friendly cars.

He added that the company "Stellants" is currently seeking to develop its supply chain for the feeder industries, and to provide opportunities to attract new investments in the auto-feeding industries sector, stressing that the field of feeder industries has successful experiences in exporting to Europe and various global markets, and has the elements of success that make Egypt one of the largest exporting countries for these. the ingredients.

He pointed out that the company "Stellants" has been operating in the Egyptian market for nearly 50 years through its various brands, such as the one that was affiliated with the PSA Group, represented by "Peugeot", "Citroen", "Opel" and "DS", as well as the brands that were included in Under the FCA group, such as Jeep, Fiat, Alfa Romeo and Chrysler, the group is now leading global markets with high-quality and highly competitive products, especially in providing smart and sustainable integrated transportation solutions based on a large distribution network and a high supply chain. efficiency.