Cairo – Mubasher: The total value of investments in Egypt’s automotive industry amounts to $3 billion, said trade and industry minister Tarek Kabil.
The auto industry is one of the most important and strategic sectors in the national economy, he added in a statement released late Wednesday.
Over 100 companies operate within the sector and provide a combined 86,000 job opportunities, both direct and indirect ones, he added, noting that Egypt has the resources and capabilities to establish a strong automotive industry.
The country also has various promising investment options that can benefit the sector, the minister revealed, noting that such options see up to $500 million in annual investments.
Egypt is targeting the production of 500,000 cars per annum and exporting 100,000 of them, bringing the total value of the sector’s exports to $3 billion annually.
The government is also looking to attract $5 billion worth of investments per year.
